A Discussion with David's Former Investment Firm


Welcome back to David Star. Great to be here. Thanks for having me. Yeah we'll works cited. We could we need some help with this podcasting thing and before we do a deep dive, we thought maybe we start out with the effigy year. So first things first, you often reference at Bejesus has not by name but your previous job. So listeners, what did you actually do it E. G. DE MATURE? So I joined Effigy Nineteen Ninety five it was a very small firm at the time only twenty five employees and then I was there seventeen years left in two thousand twelve and at twenty five person firm We pretty much did everything everybody did everything? So I was an analyst consultant. Research then I became a partner in nineteen, ninety eight eventually was on our effigy executive committee for many years I co founded what became effigies Osceola effort at the time it was called managed portfolios, and so I oversaw portfolios and then when I left I was. Co leading the research group is chief investment strategist and chief portfolio strategist. So it was it was a great. Have Very fond memories of a years at effigy and learned to bunch. He is you even prior to your came up we were. Looking at a research report and I said, well, how does that researcher Borno Greg is so old it David Stein road like oh boy. Update that one exactly a what are some of your favorite memories are lessons learned from your time at you? As a young firm at the. Twenty five employees there's always been very low turnover both from co workers, partners and clients, and so it's just it's those years of being with colleagues and clients and the trust that you. You have in in your fellow co workers and that that's one thing I miss about not being with a firm is just the trust you have in your fellow partners. What learn was just we were all curious. And we were all trying to figure out how invest markets work, navigate, increasingly complex capital markets, and so I I really liked the constant change and that's that's one reason I got into investing instead of having to move to the next job all the time. Everything else was moving around us in terms of how markets revolving and so that that was great and the big takeaway from that is as you know, you learn humility as an investor and and the reality is no one really knows what's going to happen. I thought when I was an advisor that I had to know that like people were paying me to predict the future and you realize that you can actually manage assets an allocate assets without having perfect foresight. There's ways to manage risk and to do that and make decisions and just recognize that we don't know and the humility that comes from that longer you invest. Great there's definitely a difference between risk and uncertainty, and sometimes you you just have to embrace the the uncertainty and I thought that was that was very well said I certainly recognized I know a lot less than that I, thought I, did each year. I know less. Is a great a great mark I remember the day we're we're at A. Orders RETREA. I'm just GonNa retire and your whole life David. You're you're too young to retire like. See Retire and do what you did immediately. Turn podcasting you retire what happens next. Well now. So I left in two thousand twelve and I launched the podcast in two thousand, fourteen I I spent a couple years writing about investing I was a number of. Businesses. I started. Shut Down Because I. Was Afraid Somebody would hire me I had been investment advisers for so long I just I loved investing I just couldn't find. The way that wanted to continue to do it without. So I didn't have to manage assets and have that that Wade of that fiduciary responsibility i. was a guest on a podcast in two thousand fourteen realized that that was kind of fun because what I missed about. Effigy was an opportunity to teach to go to. An endowment, Investment Committee and to just talk about investing and talking about our latest research and so. After that guest appearance few weeks later, experimental launch a podcast though structured kind of like an investment committee just not do interviews do more a solo show twenty-five minutes talking about money the economy investing and at the time. Everyone, was more people were getting smartphones, they had data plans, and so I saw a shift. And podcasting timing turned out to be very good. As, there were not really that many investing podcasts. At the time and so that that's what I've been doing since. So it's been six over six years now.

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