Orion’s The Weighing Machine

Today, Rusty and Robyn are joined by Michael Patchen, Co-Founder and CEO at Colleva. Key TakeawaysMike’s professional background and how he got where he is today.What inspired the founding of Colleva?What are the challenges that Mike is seeing in the RIA space and how is Colleva helping address these? Also, how does he envision it transforming the landscape of professional development and employee coaching?What is Mike’s outlook for AI in the broader investment industry and how it will transform it?What does Mike consider to be the primary focus of Colleva?How does Colleva use AI to create lifelike, interactive coaching experiences? What sets it apart from other AI tools?What makes Colleva’s approach to employee insights so unique?While Colleva is not currently being used to job interviews and screening, what roles can it play in the interviewing landscape?Does Mike have metrics or success stories to gauge the effectiveness of Colleva?Some examples of how using Colleva is engaging, approachable and even fun.At a philosophical level, how does Mike see the future of work evolving?How does Mike maintain a work/life balance and how does that influence his leadership style?What is currently Mike’s favorite investment idea?Quotes“When my co-founder and I saw what was happening in the AI world, with obviously things like these large language models, like OpenAI…but also text to speech, speech to text, video avatars…What we realized is there was a unique…level changing opportunity, to provide an executive coach for everyone… [and that it] could add a lot of value to organizations.” ~ Michael Patchen“I think [AI] is going to be, you know, completely transformative…without any hyperbole. As someone who went through the internet bubble, or internet phase, I think ultimately this will be multiples of that in terms of impact. There will be a lot of shakeout, there will be a lot of false starts, there will be a lot of figuring out what is good AI…vs. bad AI. But, ultimately, the impact is going to be transformational because we are really just in the infancy of it.” ~ Michael PatchenLinksMichael Patchen on LinkedInColleva“Still of the Night” by WhitesnakeConnect 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.Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 2610-OPS-10/10/2024

Today, Rusty and Robyn are joined by Ryan Issakainen, Senior Vice President, Exchange-Traded Fund Strategist at First Trust Advisors. Since joining First Trust in January of 2000, Mr. Issakainen has worked in various capacities with Unit Investment Trusts, Closed-Ended Funds, Structured Products, and Exchange-Traded Funds. As an ETF Strategist at First Trust, Ryan provides in-depth analysis and commentary related to ETF investing, including a monthly ETF webcast for financial advisors, and a quarterly ETF newsletter. In addition to his research responsibilities, Ryan speaks at various ETF industry events and conferences throughout the country. Mr. Issakainen has appeared on a number of radio and television outlets including CNBC, Fox Business, Bloomberg Radio, and WBBM Newsradio 780. In addition, he has given interviews to numerous print outlets including Investor’s Business Daily, Bloomberg, Reuters, InvestmentNews, Investment Advisor Magazine, TheStreet.com, Index Universe, MarketWatch, The Wall Street Journal, LA Times, US News and World Report, and Fortune Magazine. Ryan holds a B.A. and an M.A. from Wheaton College in Wheaton, IL. He resides in upstate New York with his wife Lauren and children Abigail, Joshua, and Caleb.Key TakeawaysWhat drew Ryan to this industry in the first place and why has he stuck with First Trust for such a long time?What drives First Trust’s investment philosophy and how does it differ from its peers?When interest rates are falling, what tends to work in the stock market?When might the stock market broaden out a bit and what are some of the potential catalysts for this shift?What are some of the potential second order effects of the buildout of AI?How does Ryan define investment themes in general and what does he think that themes like re-shoring and de-globalization mean for the market overall?What is Ryan’s overall outlook for the growth of ETFs and ETF models?How would Ryan define Buffered ETFs and why is there such high demand for them?More and more firms are entering the Buffered ETF landscape. What might this mean for the ecosystem?What is next in the Buffered investment space? Will First Trust potentially bring buffers to other investment vehicles?How does First Trust partner with RIAs and Financial Advisors in a way that might be different from other ETF fund companies?How does First Trust mesh their great macro research with the products they launch?What is Ryan’s favorite investment idea at the moment?Quotes“When we look historically, what tends to work better during those rates down/rate cutting environments…we’ve seen high dividend paying stocks, as well as low volatility stocks,  have been the best performing factors. High quality stocks tend to do well also, but they also tend to work when rates are moving higher. ” ~ Ryan Isaakainen“[For] themes like de-globalization [and] re-shoring, those things are obviously connected - if you are going to have less of a global supply chain, you’ve got to bring it home. This is a trend that is just beginning to play out, that we expect will have legs for at least a decade. We look at the evidence that it’s happening…there’s this building boom in factories that’s across the US - it’s just an enormous amount of magnitude…and there’s a lot of reasons for that and there’s a lot of reasons why we think it will continue. One of the obvious reasons, looking in the rearview mirror…is that…there are vulnerabilities [in supply chains] that were exposed by Covid.” ~ Ryan IsaakainenLinksRyan Issakainen on LinkedInFirst Trust Advisors“Enter Sandman” by MetallicaFirst Trust ROI PodcastAll-In PodcastConnect 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: 2518-OPS-10/1/2024

Today, Rusty and Robyn are joined by  Yuri Khodjamirian, Chief Investment Officer of Tema ETFs. Yuri spent over a decade at Majedie Asset Management managing UK and Global portfolios. As co-manager of the Majedie UK Income Fund, he helped build the fund from start-up stage, raising several billion in assets. He later set up his own long-only fund and sits on the board of a private Scandinavian biotechnology company. He holds degrees in Economics from University of Cambridge and LSE (distinction), as well as a degree in Bioscience Enterprise from University of Cambridge. Yuri is a CFA charter holder.Key Takeaways[03:31] - Yuri’s professional background, career highlights and what brought him to Tema.[05:06] -  More on Tema ETFs and what makes them stand out from their peers.[06:10] -  Learn more about Tema’s investment process and philosophy.[07:24] -  How does Yuri think up the ideas behind the funds they launch? What is his process?[08:37] -  What is the trend of “American reshoring” and how does Tema select companies for this theme?[10:38] -  What makes Tema think that reshoring in the US is a durable trend?[13:32] -  How does Tema approach the healthcare sector differently from other sectors?[15:47] -  What should we be paying attention to in relation to the anti-obesity market within healthcare?[17:42] -  How is Tema doing “Moat Investing” differently than other firms?[19:48] -  One of Tema’s tickers is “TOLL.” What are some examples of some of the companies they would include, or would not include, in TOLL?[21:42] -  What do alternative investments mean for Yuri and what are his current thoughts on the space?[24:27] -  What is Yuri’s favorite investment idea currently?Quotes[06:12] - “My key criteria for joining [Tema ETFs] was sort of - are we going to be really thoughtful about the types of strategies we launch?...What I was kind of encouraging was to build a very thoughtful process that was investment first. What are the most interesting [areas], what I call neighborhoods, of the stock market? ” ~ Yuri Khodjamirian[08:45] - “The thesis [of American reshoring] is kind of the opposite of what was happening in the world many decades ago. So, if you think about the 1960s and from that point on - really a lot of companies, especially in the United States, started to send manufacturing abroad. They were motivated by labor costs [among] other things…and companies were offshoring…but what’s happened over I would say the last 15 years…is that companies are starting to realize that these supply chains are quite vulnerable…and suddenly the board room calculations [are considering] ‘shouldn’t I be building [supply chains] closer to the home market to gain an advantage?’” ~ Yuri KhodjamirianLinksYuri Khodjamirian on LinkedInTema ETFs on LinkedInTema ETFs“Why Can’t We Be Friends?” by WarThe Browser NewsletterIn Our Time PodcastConnect 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: 2482-OPS-9/26/2024

Today, Rusty and Robyn are joined by John Hoffman, Ryan Alderman, Jimmy Dooling, Greg King and Chris Hart from Brinker’s Due Diligence team.Key Takeaways[04:10] - The professional background of each of our guests today and what led them to Brinker.[09:06] - If they had to do due diligence on a due diligence team, what would they look for in that situation and what are some of the characteristics of a good due diligence team?[11:35] - How do they set themselves apart from other due diligence teams in the industry?[14:02] - How does the team go about finding new ideas and how does their “shopping list” get created?[15:58] - When the team is considering managers and strategies, what factors and attributes are they looking for in particular?[17:46] - Learn more about the Brinker Capital “guiding star” reports. What do they cover in these reports and who gets to read them?[19:40] - Do they have any stories of due diligence meetings that have gone terribly wrong?[22:55] - Advice and preparation tips for investment firms that want to be interviewed by the Brinker due diligence team?[25:44] - Recommendations for people who are interested in becoming due diligence analysts.[27:07] - What are each of our guests favorite investment ideas for the near future?[30:36] - How do each of our guests maintain their health, both physical and mental, to ensure they can perform at the high level demanded by this industry?[33:36] - Who are some of the colleagues and mentors that each of the guests are thankful for?[37:26] - Book, podcast and music recommendations from our guests.Quotes[12:43] - “I would say also, to extend on Jimmy’s point, [our due diligence team is] a bit more nimble…I think being a smaller, more collaborative team gets us the ability to execute a little bit more efficiently, [and to] make decisions a little bit more quickly [while] not sacrificing our process along the way.”[16:43] - “Process driven philosophies, being able to quantify why it works and being consistent in how you implement it, I think, are the biggest 3 things that we look for [when considering managers and strategies].” LinksBrinker Capital“Sweet Emotion” by Aerosmith“It’s a Long Way to the Top (If You Wanna Rock ‘N’ Roll” by AC/DC“POWER” by Kanye West“Livin’ Part Of Life” by Eric Church“Bad To The Bone” by George Thorogood and the DestroyersConnect 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: 2360-OPS-9/13/2024

Today, Rusty and Robyn are joined by Jerry Parker, CEO of Chesapeake Capital. Mr. Parker is the Chairman and Chief Executive Officer of Chesapeake and Chesapeake Holding Company. Mr. Parker received a Bachelor of Science degree in Commerce, with an emphasis in Accounting, from the University of Virginia in 1980. Mr. Parker started his trading career in 1983 as an exempt commodity trading advisor for Mr. Richard J. Dennis, in his “Turtle” training program. My. Parker, a Portfolio Manager, has overseen Chesapeake’s operations and its trading since its inception in February 1988.Key Takeaways[03:36] - What drew Jerry to investing in the first place? Also, learn more about his career as the Founder of Chesapeake Capital.[05:46] - Learn more about Chesapeake Capital, what sets them apart as a firm and what has been key to their success.[07:53] - Learn more about how Jerry got involved with “Turtle Trading” and more detail about the experiment.[13:15] - How does Jerry define systematic investing and why does he think this approach has worked for him for so long?[15:03] - What was it like working with William Eckhart and Richard Dennis?[19:03] - Learn about the ETFs that Jerry manages for Chesapeake and how they differ from other trend following ETFs.[23:22] - What does Jerry think about the main differences between managing money in a Hedge Fund structure vs. an ETF structure and what made him move from one to the other?[25:21] - Is it true that commodities and currencies are markets that have a tendency to trend, but equities and fixed income are not? Also, what are the benefits of combining a multi-asset trend strategy with equities?[28:27] - How does Jerry define trend and how does it differ from momentum?[31:47] - Where does Jerry think trend following fits alongside fundamental investments in a portfolio?[36:47] - If Jerry was responsible for due diligence and had to select a portfolio manager who used trend following, what would he look for in that manager and that strategy?[39:12] - What does Jerry think about the popularity of trend replication strategies?[42:56] - Does Jerry find that there is more interest in trend following strategies from RIAs than from other financial advisors?[44:51] - When Jerry is considering how to invest his personal wealth, what allocations guidelines or principles does he follow?[47:42] - What have been Jerry’s best and worst trades and what did he learn from them?[52:13] - What is Jerry’s favorite investment idea currently?Quotes[13:15] - “I think [trend following] works for me because it suits my personality to follow the rules…To have a backtest to at least show me, minimally,  that this has at least happened in the past…it may not be great in the future, but it has at least done well in the past…but you can have a little bit of confidence going forward with these rules. I think it works for everyone, if you are willing to submit yourself to rules and not be upset or jealous when people are doing better, seemingly, by not using rules…I think over time this type of strategy will work out, and win out, eventually, but not on a day-to-day basis.” ~ Jerry Parker[19:24] - “I look at our trend following as similar to the S&P. It’s just pure beta. It’s just pure trend. It’s hard to beat, it’s hard for active managers to beat the S&P. I think it’s hard…to beat plain old trend following…It’s [also] rare, I don’t know any other CTAs who will admit that it’s trend following plus nothing, we don’t do anything except trend following, and it’s pretty much the same rules I learned in 1983 with a few changes.” ~ Jerry ParkerLinksJerry Parker on LinkedInJerry Parker on TwitterChesapeake Capital Corporation“Choice is Yours” by Stick FigureConnect 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: 2296-OPS-9/6/2024

Today, Rusty and Robyn are joined by Joe Smith. Joe is Co-founder, Chief Investment Officer and head of Parti Pris’ Investment Strategy Committee. He has executive responsibility for wealthtech platform development, and thought leadership. In his leadership role, he brings deep expertise in applying technology and portfolio optimization tools to portfolio design and implementation issues specific to wealth management. Joe is the primary architect of Parti Pris’ investment approach including Parti’s proprietary Household investment management process and our Advisor SketchBook™ portal. Joe brings almost 20 years of financial industry experience to his position at Parti Pris. Previously, he served as Senior Market Strategist and later Deputy Chief Investment Officer of CLS Investments, LLC. He has held several other investment management and product development roles including Manager of ETF Product Research & Development at Russell Investments and Senior ETF & Index Product Specialist at Charles Schwab Investment Management. Joe holds a BS in Economics from the University of Washington and an MBA from the Tepper School of Business at Carnegie Mellon University. Joe has hosted several industry podcasts and authored several articles and papers regarding the investment management industry and trends, application of quantitative methods to portfolio management, and the role of ETFs in asset allocation portfolios.Key Takeaways[03:59] - Joe’s professional background and how it led him to his current position.[10:14] - Parti Pris is the organizing thought, or decision, behind an architect’s design. How does this idea guide the identity of Joe’s firm and how it operates?[12:16] - What’s Joe’s assessment of the current state of Direct Indexing and the customization marketplace and what should people expect as the next key areas of focus?[14:58] - What is Unified Managed Householding and why does Joe think that it will play a crucial role in the future of wealth management?[16:32] - What is currently the biggest driver of demand for Unified Managed Householding and what is the ultimate market opportunity for it?[18:55] - What are some obstacles that advisors might face when implementing Unified Managed Householding and how does Parti Pris help advisors overcome these?[21:13] - What are some of the key lessons that Joe has learned as an entrepreneur?[24:23] - What does Joe consider to be the building blocks of a cohesive company culture?[27:27] - How does Joe think the industry needs to evolve risk management to ensure advisors can help their clients navigate short-term market movements and deliver better investment outcomes over the long-term?[30:02] - How has Joe’s experience in the industry been shaped by his identity as a person of color?[32:42] - What steps can be taken to encourage more people of color to pursue careers in wealth management?[34:53] - What is currently Joe’s favorite investment idea?Quotes[13:49] - “Now, where do I actually think [Direct Indexing] is going, and what we have seen at Party Pris, in terms of the third act of what I’ll call the great wave in direct indexing and personalization. It’s really focusing more on holistic, related solutions than being individualistic…and I think that’s where the concept or idea of Unified Managed Householding is really starting to come into focus for a lot of advisors” ~ Joe Smith[18:55] - “I think there’s really two major challenges [to implementing Unified Managed Householding]. One, I think, is more technology related and two is more education related. When we talk about Unified Managed Householding, it requires a lot of input from the client [and] it requires a lot of input from the advisor and getting all of that information in one centralized place to make the right decisions [is critical].” ~ Joe SmithLinksJoe Smith on LinkedInParti Pris“The Fire” by The Roots & John LegendConnect 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: 2234-OPS-8/30/2024

Today, Rusty and Robyn are joined by  Scott Davis and John Finneran, the Head of ETFs and ETF Sales Specialist respectively at Capital Group. Scott T Davis is an ETF director at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for 16 years. Prior to his current role, Scott led product development across Capital Group. Earlier in his career he held various strategy and finance roles for Capital Group, Hostess Brands and Boeing. He holds an MBA from University of Southern California and a bachelor's degree in management science from University of California San Diego. Scott is based in Los Angeles. John Finneran is an ETF sales specialist at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for three years. Prior to joining Capital, John worked as an iShares leader at BlackRock/iShares. Before that, he was a sales executive at Vanguard. He holds a bachelor's degree with a double major in marketing and management and a minor in international business from Villanova University. John is based in Harleysville, Pa.Key Takeaways[03:16] - Scott’s professional background and what led him to his current position.[04:40] -  John’s past experience and how it all comes together to inform what he does now.[05:55] -  What sets The Capital Group apart from their peers and how has it had such longevity within the industry?[09:03] -  What unique promise does Capital Group see in ETFs as an investment vehicle?[10:23] -  What is the origin story of Active ETFs and their evolution within Capital Group?[13:40] -  Learn about Capital Group's decision to enter the Active ETF space and their approach to their entry.[15:28] -  Top reasons why advisors and investors should consider Actively managed ETFs from Capital Group and what benefits they can expect from them.[18:07] -  How are advisors responding to the Capital Group introducing Active ETFs to client portfolios? What has been some of the feedback and questions that people are asking?[20:43] -  What should investors and advisors be asking when speaking with actively managed ETF managers when they’re doing their own due diligence? Are these questions different from when they talk to active managers of Mutual Funds and SMAs?[24:42] -  How many ETFs does Capital have and what is the total AUM?[25:37] -  Any key takeaways around client demand and what does the road forward look like for Capital Group’s actively managed ETFs?[30:02] -  What are their favorite investment ideas for the remainder of 2024?Quotes[11:35] - “I think the industry…haven’t done advisors right. By that I mean, the industry has made it an active vs. passive debate. Every time you’re turning this on, it’s ‘are you beating my ETF…you know, what percentage of active managers are outperforming their index.’ I’m fortunate, you know, I’ve had thousands of conversations with advisors, and it’s actually an ETF vs. Mutual Fund debate. ” ~ John Finneran[13:40] - “Our decision…back in 2019, and for the many years prior to that, was all about how we could take our investment process and deliver it in the ETF wrapper without compromising any of the benefits or expectations that investors would have in an ETF from Capital. Once the SEC rule was passed, that really gave us the ability to do that…We spend a lot of time and energy in the design and execution of our ETFs to make sure we are leveraging all the tools of the ETF wrapper…in order to manage that…That’s been our guiding light as we’ve developed this suite over the past 26-28 months, we know have 21 ETFs that help satisfy a really broad range of investor need.” ~ Scott DavisLinksScott Davis on LinkedInJohn Finneran on LinkedInCapital Group“Mr. Brightside” by The Killers“Lose Yourself” by EminemConnect 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: 2240-OPS-9/3/2024

Today, Rusty and Robyn are joined by  Ben Cruikshank. Ben is President of Flourish, where he oversees all client-facing teams, including Sales, Relationship Management, Partnerships, and Support. Ben is a frequent commentator on issues related to investment advisors and has appeared in The Wall Street Journal, Barron's, Marketwatch, and numerous industry publications. Prior to Flourish, Ben was a founding member of the Betterment for Business team and led the 401(k) sales team. Prior to Betterment, Ben discovered his love for start-ups at NewsCred, a marketing technology company where he ran the Financial Services sales vertical and built the sales operations organization as the company grew from 15 to 200+ employees. Outside of Flourish, Ben spends time with his wife and son, volunteers for Hour Children, an organization that helps families impacted by incarceration, and is fixing up an 1880s farmhouse in upstate New York. Ben has a passion for personal finance, which directly led to his work with financial advisors and their clients. Ben holds a degree in Economics from the University of Pennsylvania and holds his Series 7, 24, 63, and 99 licenses. Fun Fact: Ben is dedicated to brewing the perfect cup of coffee, including roasting his own beans.Key Takeaways[03:34] -  Ben’s professional background and more on his current role at Flourish.[06:40] - What makes Ben’s team at Flourish so cool and interesting and what world records does he hold?[08:25] - Why is cash management so important and how is Flourish helping investors in this space?[15:17] - What are some best practices to consider when it comes to how much one should hold in cash?[18:40] - How much are investors losing if they aren’t optimizing their cash reserves and how is Flourish helping advisors and investors to optimize their holdings?[24:13] - What is Ben’s market outlook for cash interest rates moving forward?[27:27] - Ben walks us through some of the more popular annuity options.[37:14] - What are the basic pros and cons of utilizing annuities?[40:45] - As President of a Fintech firm, how does Ben define success?[44:03] - What helps make firms successful when rolling out innovative, new solutions and how has Ben seen client expectations, about their advisors, change in recent years?[49:54] - What is Ben’s favorite investment idea for the remainder of 2024?Quotes[12:15] - “[There are]...four different academic studies, surveying high net worth individuals directly, that show high net worth individuals hold 20% + of their wealth in cash. So you’re looking at this 1%, fighting tooth and nail to minimize cash drag in the portfolio, and that’s all really important, [but] did you know how much cash your clients have sitting on the side?...Inevitably, 99 times out of 100, the advisor would say ‘interesting point, [but] not my clients, I know where every single dollar is [and] my clients don’t hold anywhere near that much cash, that’s just not possible.’” ~ Ben Cruikshank[54:05] - “I gave myself permission to just read anything I was interested in…I love science fiction and things like that. Just read. Don’t worry about it being the most productive book, don’t worry about it moving your business forward or your professional life forward, just read. Read like a kid, read for the enjoyment of it. I have seen, since doing that…just tremendous improvements in focus, in mood, in new ideas and energy and I think there’s just so much benefit…to snoozing notifications, closing the laptop, and again, finding that childlike wonder.” ~ Ben CruikshankLinksBen Cruikshank on LinkedInFlourish Financial“Hells Bells” by AC/DCFor the Love of Money by The O’JaysMichael Kitces’ Piece on CashConnect 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: 2070-OPS-8/14/2024

Today, Rusty and Robyn are joined by  Adam Abbas, Head of Fixed Income and Portfolio Manager at Harris Associates. Adam Abbas has been a manager of the Oakmark Bond Fund and Oakmark Equity and Income Fund since 2020. He is also a vice president of the Oakmark Funds. He started at Harris Associates in 2018 after working as a lead portfolio manager at KVK Credit Opportunity Fund LP. Prior to that, he was a portfolio manager at Driehaus Capital Management, a senior research analyst at Neuberger Berman/Lehman Brothers and an analyst at Huron Consulting Group. Mr. Abbas earned a B.S. degree from Northwestern University (2004) and an M.B.A. from the University of Chicago (2013).Key Takeaways[03:07] - Adam’s professional background and how he came to specialize in Fixed Income.[06:36] - Learn more about Harris Associates and the philosophy that sets their firm apart.[08:58] - How does Adam apply Harris’s investment philosophy to their Fixed Income investing?[10:50] - What information does Adam gather from the equity side of the house and how much does this inform their approach?[12:45] - It has been a tumultuous couple of years for the Fixed Income market. What factors have helped them generate Alpha during this time?[16:28] - Adam runs a relatively concentrated portfolio for their space - how does he think about position sizing in the context of the risk return profile they hope to deliver?[18:59] - What are some of the key drivers for security selection within the fund?[20:27] - What are Adam’s thoughts on interest rates and the credit markets in general?[22:30] - What is Adam’s favorite investment idea for the remainder of 2024?[26:48] - Who are some of the colleagues and mentors that Adam is particularly thankful for?Quotes[15:08] - “We’re not out here trying to time markets at Harris, or putting huge conviction on our ability to call the exact time of the cycle.  We believe that’s a really hard call to make…look at the track records for making those types of macro, top-down calls – they’re very tough to make.” ~ Adam Abbas[19:52] - “...Business value, that’s where we are really differentiated. We spend some time on understanding ‘what is our forward looking view of total business value, and how does that inform the default risk that’s priced in the marketplace today?’ If that fair value is at a sufficient discount, or cheaper than the market price, and we can’t fully describe that disconnect from top down dislocations, that’s when we initiate the position.” ~ Adam AbbasLinksAdam Abbas on LinkedInHarris Associates“Under Pressure” by QueenConnect 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: 2018-OPS-8/8/2024

Today, Rusty and Robyn are joined by  David Ricci, a Portfolio Manager at William Blair. David Ricci, CFA, partner, is a portfolio manager on William Blair’s Large Cap Growth strategy, which he joined in 2011. From 2005 to 2018, he was also a portfolio manager on the Mid Cap Growth strategy. Previously, he was the group head for the consumer sector, focusing on specialty retail and e-commerce companies, in William Blair’s sell-side research group. Before joining William Blair in 1994, David gained extensive experience at Procter & Gamble, Melville, and Bain & Company. He is a member of the CFA Institute and the CFA Society Chicago. David received a Sc.B., magna cum laude, from Brown University and an M.B.A. from Harvard Business School.Key Takeaways[03:31] - David’s professional background, his current role and his volunteer work.[06:55] - When it comes to managing a growth portfolio, what is David’s philosophy?[11:51] - Does David think that active managers who are using fundamental analysis can still outperform in current market conditions?[14:40] - Does he think that the markets right now are more disconnected from the economy than they have been historically?[16:16] - What is David’s market outlook and how does this outlook affect his portfolio positioning, if at all?[19:14] - If we do get higher interest rates, how would this impact longer duration growth companies?[21:16] - What is David’s current outlook on the high profile names of The Magnificent 7?[24:32] - What are the implications of today’s massive IT outage for long-term investing?[25:58] - Who does David think should be on “The Mount Rushmore of Growth Investors?”[27:40] - What is David’s favorite investment idea for the remainder of 2024?[30:35] - Who are some of the colleagues and mentors that David is thankful for?Quotes[12:27] - “Everyone…is talking about The Mag 7, but if you go back 5, 10, 15 years - it has really been a market dominated by large tech, whether it is Apple, Microsoft, Google, Meta [or] Amazon. I mean, these companies have been in the spotlight today, five years ago, ten years ago, fifteen years ago, some of them go back much further than that. So, it has been a fairly narrow world [for a while now.]” ~ David Ricci[16:47] - “[Aside from the election] I think the major tug of war going on right now…is the expectation of lower rates and what that could mean for the economy.” ~ David RicciLinksDavid RicciWilliam Blair“Piano Man” by Billy JoelConnect 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.The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.Compliance Code: 1909-OPS-7/31/2024