17 Burst results for "Dan Egan"

"dan egan" Discussed on On Point with Tom Ashbrook | Podcasts

On Point with Tom Ashbrook | Podcasts

03:52 min | 3 years ago

"dan egan" Discussed on On Point with Tom Ashbrook | Podcasts

"I think any discussion of the Great Lakes should also shout out Lee Murdoch the singer who wrote about or was saying the sea shanties, which my father loved, and there's also a lot of culture a lot of immigrants certainly Sheboygan Wisconsin where I grew up came. There originally on boats through the Great Lakes. My father even published a book about shipwreck Phoenix that went down in flames outside of Cheboygan in eighteen forty seven. So discussing means so much emotionally. And I guess I had your bird is my fear would be that, you know, one day the Great Lakes in addition to the threats that he mentioned the he'd been muscles such certainly off interrupt crunching on what about the water management will one day of the Great Lakes in danger of going the way of the ROTC. And it looks looks. Let's pose. Let's pose that to Dan Egan, the award lovely remembrance of that to share with us. Dan. We've got a couple minutes left. You actually have practical ways in which you think are relatively straightforward to help sustain the lakes and ensure them up in terms of their quality. Yeah. I mean, we're talking about the front door and the back door Chicago in the Saint Lawrence seaway, and we need to close those doors. It doesn't mean closing to navigation necessarily, but it means closing them as pathways for invaders to get into the lakes. You know, we've been talking about a lot of stuff that sounds grim and gloomy, but it's it's not all the lakes are still the, you know, spectacular natural resources. And there are great signs that native species are really figuring out how to live under this new regime with all these invasive species, if we can just stop the next one from coming give you real quick example. There's an invasive fish that is eating all of the not all eating eating, these Cuagone, zebra mussels. And and there's a lot of protein inside those shells that was otherwise inaccessible to the rest of the food web. So anything that can eat a goby is doing really well. And we're. Seeing native lake trout thrive to the point where they had been sustained on Lake Michigan only by hatchery for years and years. We're seeing natural reproduction whitefish are thriving on Gobi whitefish aren't Piscopo wars. Normally, they're not normally fish eating fish. But they'll eat a Gobi rather than starve and for briefly. You also said selling is practical is using trains instead of ships to to to bring some stuff in there. There are solutions, and you know, the shipping industry. I don't wanna see the ships. Go away, you know, particularly the Lakers, the ones that stay inside the lakes. They're big part of our economy, and our culture and there's room for him. But there isn't room for the next invasive species, and we need to fix that. And you right there heard the telling words of Dan Egan author death in life for the Great Lakes, Dan. So great to have you with us here in studio. Thanks for having me especial, thanks to the team right here. Wisconsin public radio and Madison all week for helping us and making this broadcast possible, including tumbling Bradley. Bryant off Aubrey Ralph in radio operations on points produced by NFL men. Brian hearts in TI Lena modest cuts Sonus Ellison poli Tanya rally. James Ross Alex Rodman marine Wasser with help from Alan Dangelo. Barclay Palmer and Lexi puree our executive producer Karen ship. And we pulled this off here in Wisconsin. I'm David Folkenflik. And this is on point. So about the time that he begins putting the duct tape on. He says this is a robbery. Last seen a new podcast from WB warr in the Boston Globe investigates, the largest unsolved art heist in history. The theft of thirteen artworks music Abella Stewart Gardner museum in Boston artwork involved was from Rembrandt Vermeer. It is to holy feel. Five hundred million will the painting. There's absolutely no question knew the police were coming the authorities. That are on this case are the wrong stories when the FBI says, we solved it, we know who did it. It's like, no, you don't because you don't have the paint. Subscribe. And listen to last seen now on apple podcasts or wherever you get your podcasts sponsored by Samuel Adams and ADD smart home.

Great Lakes Dan Egan David Folkenflik Wisconsin Gobi whitefish Phoenix ROTC Sheboygan Wisconsin Lee Murdoch Cheboygan Boston Globe Lake Michigan FBI Gobi Chicago Lakers Saint Lawrence seaway Barclay Palmer Madison apple
"dan egan" Discussed on Worldly

Worldly

02:53 min | 3 years ago

"dan egan" Discussed on Worldly

"About for awhile, which is that this administration has kind of giving carte blanche with or returns to do what they want. American administrations have been silent on Saudi human rights abuses and violations like these for for years. So Trump is not new, but what is kind of new here is that this is an American resident who was likely murdered by the Saudis and America's saying, look for hypothetical arms deals, and because he's not a citizen and whatever we're not going to do anything about it that is new and that is a massive signal to the saddest thing get away with this. They can probably get away with other things and other Rotarians watching Russia's Putin North Korea's, Kim Jong, Hoon, Philippines, Roggio, deter Tate. All these guys and more can probably do whatever they want. An America won't lift a finger. It's a particularly dangerous precedent to be setting in the Middle East where the US is aligned with a lot of different authoritarian, monarchies, military, dictatorships in understand why I want to give the last word the segment to Jamal choke. She himself the Washington Post posthumously published a column of. His on freedom of the press in the Arab world's and why it's imperilled in what's threatens. He's writing about another journalist who had been imprisoned, but it almost feels like you've is writing about himself. He writes, and I quote, these actions no longer carry the consequence of a backlash from the international community. Instead, these actions may trigger condemnation quickly followed by silence as a result. Arab governments have been given free rein to continue silencing the media at an increasing rate. Well, after the break, we'll talk about the Abullah outbreak in the DRC. Every week, worldly takes you around the world to understand what's happening coming up. Next here, an advertiser segment about a topic that might as well be foreign to a lot of people finances. Do you know the emotion most often associated with money, anxiety. Anxiety, right? We've all felt that, but where does it come from this kind of a couple of different components to it. Some of them are really practical in their valid, right? Like money is the ability to buy things that you need. We have other components of anxiety about money which are more about just the social and psychological components of it. You can see other people spending money, but not other people saving money. That's Dan Egan. He's the director of behavioral finance and investing with betterment. When you sign up to betterment, we're going to ask you a lot of questions that are just practically useful in like, are you married? Where do you live? How much money do you make because that influences what are the best account types us? What kind of tax breaks us? How much do you need to be saving over what period of time according to Egan, the results of this can be summed up in one word elation. When you have that sense of accomplishment of having hyped up a very large mountain and gotten to the top and you can see for miles, it really pays off a lot more than you expect..

Dan Egan America Trump DRC Washington Post US Middle East Kim Jong Philippines Russia Roggio Jamal miles Tate North Korea
"dan egan" Discussed on Worldly

Worldly

04:07 min | 3 years ago

"dan egan" Discussed on Worldly

"What they've worked out or haven't it stops dead. And that like Zach was saying, could create literal chaos and serious consequences for everyday human life. The reason of the chaos by the way is because the UK up till now being a member of the u has led up a lot of its laws and regulations to the body as we mentioned earlier. So when the the membership expires, those laws go away and the no one really knows how to govern normal things like, how do you import medicine like Dubai, driver's licenses, still work do where do I get food? I mean, the trading practices shipping practices. All these kinds of things were regulated by EU law or a lot of them were. And now the UK basically has to redo its entire law. Just imagine if American law or practices like win away overnight, how would we govern ourselves? This is the kind of situation though be dealing to put it in concrete terms. There is a fear that planes will not be able to fly in down of Britain because the airline regulations are so unclear that airlines won't know how to operate and the rules. Under which they can fly. The Royal Air Force has needed to put together a plan to distribute medicine, air-dropping it around the country because they don't know how they're going to get enough medicine into the country, and they needed distribute the stuff and also in one more concrete and really scary thing. There are three million EU citizens who are living in the UK and one million UK citizens who are living elsewhere in the u. or didn't living working, just being regular people. All of a sudden on March twenty ninth, if there's no deal these people's lives evaporate, right? Their snow sense as to what the legal permissions for them will be or how they will continue to work or survive or do any of the things. One needs to do. They real personal literally lose all of the automatic rights and protections that they enjoy overnight. So think of a surgeon, right, operating in a hospital, they're getting ready to do surgery, but all of a sudden overnight their medical license because it. It may have been accredited through the EU because that's how you go through getting all your licenses stuff because we're all in the European Union. These we have all the same rules, all of a sudden they're not sure if they're even legally allowed to practice medicine inside the UK. So we're talking people standing there with like a scalpel. Ready to go going. Oh shit. I don't know if I can do this. So very tangible consequences if they don't reach a deal. So do you can't agree among itself as to how to Brexit the EU and the UK or not close to a deal? And if we hit the March twenty nine th deadline, it's complete chaos. Nobody's really sure what's going to happen or how this will work. Recently, the opposition labor party in the UK voted to endorse having a second referendum that might cause Britain to stay in the European, right. So literally a Brexit do over remain for main or BRAC sees look, look, none of this is clear, could be BRAC, sees, could be remained, could be hard. Brexit could be checkers, just like it's so hard to say, and we will definitely definitely cover this topic again on world. Early before the March twenty nine deadline coming up next on elsewhere. We're going to talk about a very strange issue about a Marxist club in China. Every week, worldly takes you around the globe. Talk about foreign affairs coming up. Next here, an advertiser segment about a topic that feels foreign to so many people, your finances. Do you know the emotion most often associated with money, anxiety. Anxiety, right? We've all felt that, but where does it come from? The kind of a couple of different components to it. Some of them are really practical in their valid, right? Like money is the ability to buy things that you need. We have other components of anxiety about money which are more about just the social and psychological components of it. You can see other people spending money, but not other people saving money. That's Dan Egan. He's the director of behavioral finance and investing with betterment. When you sign up to betterment, we're going to ask you a lot of questions that are just practically useful, you know, like are you married? Where do you live?.

UK European Union Brexit Dubai Britain Dan Egan Zach Royal Air Force BRAC China
"dan egan" Discussed on Science for the People

Science for the People

01:53 min | 3 years ago

"dan egan" Discussed on Science for the People

"Sewed we'd love to meet you and spread the word re tweet us tell your friends try and guess who will be celebrating this year we'd love for our listeners to support us in any way they can end your re tweets likes ratings and reviews help us put our show in more years now back to my interview with dan egan on our conversation about his book the death in life of the great lakes with the zebra mussels as well there are hugely problematic when it comes to infrastructure and those to have sort of used the great lakes or just by virtue of what has been happening on the great lakes those muscles are getting into other lakes and other water basins and causing a lot of problems in north america absolutely yeah i mean they they cause problems in the number of ways not the least which been stripping point in from the water sucking the life out of the water is support way to put it but they also from an industrial perspective they they clog water intakes which can create huge problems for cities who rely on the great lakes for drinking water and you know there are millions of people who rely on the great lakes for drinking water as well as power plants relying on on you know water intakes to cool their works so it's kind of a it's like a plaque in an artery and it's a nonstop kind of maintenance program where they're they're using all sorts of technology to keep these pipes clean but it's it's it's chronic you stop it in the pipes up a little more concerning worrisome is you know what's happening say on lake erie where we used to have these horrible algae blooms in the nineteen sixties largely because of.

dan egan lake erie america
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:58 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"And that's the sort of moment where i go i'll take a pay cut i'll work longer hours i will be perfectly happy doing something that otherwise look silly because i can go home to my wife and i can say guess what happened today cool thing happened to that if you weren't a behavioral finance specialist if betterment what profession would you want to try i think is a little bit related butom all said the many way one is a venture capitalist there is a an old quote by abraham lincoln the best way to predict the future is to create it i think we sometimes lose track of their life you can put your money where your mouth is literally in terms of i want to fund this thing that i want to see in the world kickstarter various things um i loved the collaborative fund because they have that element of if you think it should exist make it so and that's from a finance perspective even closer to whom i actually um ilan mosque has a company that he's just started up called near link the basically is trying to help figure out how you can allow computer or machine brainer faces so for people who have lost limbs or disabled and other ways or can't talk but they're you know they're literally inside their head the longterm potential for that for us as a species of figuring out how do we help computerize work with us inside our heads so that we can learn faster at like imagine if like the way that you learned algebra wasn't horrifically boring in a classroom that's hot you want to do anything else but zimba saying like okay you know like you're gonna you're gonna get this upload into your head and then you're gonna have to practice it for half an hour and then you're going to ashley no algebra the ability for that to kind of lake accelerate the rate at which we as an entire society learn the way learning kind of spreads i think there's a lot of potential there and i was thinking things that i would want to i don't even know what i would do there.

venture capitalist abraham lincoln ilan mosque ashley
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:53 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"The more you're talking about at the more i'm feeling this is their attention here between you are delivering asset management services but almost everything you talk about israeli technology company what's the culture like here is it a technology company is an esa mexico so i've never worked at a a non thin tech tech company that i can tell you that this is definitely more like a tech company than any financial services company i've been there are maybe eight people here who come from a finance background out of two hundred and fifty employees whereas they're probably at least one hundred twenty software engineers so the culture that thought process the sort of ethos that pervades is much more tech than it is financial services i don't wanna discount it myself a number of the other key people come from wealth management financial services and they you know as much as anything came here because they wanted to do business a different way from how they saw traditionally being done so i think that it is a good blend of it were very committed to the idea of fiduciary advice i think that's in the long run what we see ourselves as being is the first company that goes public off the back of being a fiduciary adviser rather than a broker or mutual fund company and histories that sounds tech as an enabler of that it is how we are going to do it but the mission is not build cool tech its solve people's financial problems talk a little bit about the management of teams with something that comes up in one of my conversations that the asset management is tree is not known for being great people managers i don't know so much about technology you do here in corporate america there's a lot more experience and sort of managing people and being a little more holistic about their life in their experience within a company how does it work here this is one area i'm going to say this is not my strength and i would say that it's something we are actively figuring out on the fly so.

technology company tech company financial services software engineers fiduciary
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:57 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"Okay i think i want to achieve these things let me set out a plan and be realistic about him like doing those globe's things make you realize i can't say that much maybe i need to like forego this meeting to reduce my consumption or maybe i need to save more or not have ankle generally speaking though i think people people find it easy to change and switch up goals there's another slightly subtle thing which i think is interesting if you talk to financial planners especially who work with retirees one of the biggest problems is that they've really hard times spending down their portfolio so most of us are going to save up for retirement and we're going to hit some balance or nb okay i'm sixty five and i've got enough money i'm gonna retire right then you've spent your entire life making this thing go up making this balance go up and it's harder to spend it it's surprising the to spend because you don't want to see the balance go down it scares you it's taken so long to build it be you're going to be consuming it for so pudding names on things actually makes it easier for people to spend money on it in those circumstances where they're worried about it if you say um was a a whole line of brilliant research on goalbased investing that says if you title this goal bobbies college fund you are dramatically less likely to take money out from there and go to vegas if you if you name it in your market for virtuous thing that goal is protected you'll actually you know like take out credit card debt to avoid taking money out of her virtuously named goal and the flipside of is also you're gonna feel more comfortable spending it lake on a regular basis murali wife will have some minor catastrophe and a bike breaks down something and we have these funds that are literally like emergency funds and you feel perfectly fine going yet i'm going to spend a thousand dollars because that was what that was four so using it i think it's a unappreciative benefit that if you tax something with it it makes it easier to spend money for the right reason over the last bunch years as your business is taken off.

vegas thousand dollars
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:40 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"It's easy to get stuck up on exactly the rebalancing methodology and i think that like the marginal gains from thinking about rebalancing too much are really low as long as you think about like the tax component of it and you're not letting your asset allocation get crazy your fine if it's daily quarterly monthly annually drift based with bans it's it's fine you you know you you you should be thinking about something else is there any magic or optimization to that three percent drift as opposed to four or two odyssey we did do aback test that looked at like there's a balance between if you rebalance of your thresholds really low you're going to do it a lot there's going to be trading costs and various other things if you do it too little you know how often you get it we did some back test that looked at inside three percent there actually is like a local optimum three percent who said that sounds about right us so we're gonna go for it so once you've you started off implementing these tools and tax us harvesting rebalancing are very easy to understand from an economic perspective from a practical perspective what did you were along the way that have contributed over the last bunch of yours to enhancements in what you're doing for your clients so the the fundamental thing it's the relationship with our clients us and this is true of any adviser is they are coming to us to do things that they don't necessarily understand themselves but they know where valuable so when we talk about things like tax lost harassing or asset location we don't really usually need to unexplained the algorithm or what it does we just need to tell them you're going to have lower taxes this year and you can defer them into the future and that makes your money growth astor.

three percent
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:52 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"And how haven't with succo bit about rebalancing which is something that pervades both individual investment and institutional investing yep talk about how how you think about it and implement it and then where is a different for individuals than it might be for an institution obviously the the first element is taxes and goals so individual investors tend to be taxable as long as you are not talking about attacks avenged account and rebalancing involves selling generally appreciated assets so the first really big distinction is were very thoughtful around rebalancing in taxes to the point where if we are about to rebalance will let the customer no and say listen we're getting close to it so we have adrift threshold based daily monitoring thing it goes in and says if we have more than three percent drift in the portfolio we want to rebalance at three percent at an asset class target or something like that it's a hershman her fiend all indebted normalization thing so looks over the whole portfolio but also kind of weights them and if first thing he says is is this about three percent if it is above three percent it'll wants to rebalance but it put some heart stops on we won't realize shortterm capital gains because usually just need to wait and the tax costs are higher than the that efficiency benefits but then we can also say if we're going to rebalance we can ask eufor deposit and we don't ask you for a deposit the completely rebalance is you every bounces you back to sort of two percent drift so these little small deposits they keep us stepping back from the ledger rebalancing means that the portfolio drift as always contained but we're not causing any taxes on them actively aside from that with you know i think that we overtime generally client portfolios decrease risk we need to think about the glide path in about allocating funds a sort of skating to wear the puck will be but investing terms we're going to over by bonds if we know that your glide path is going to be less risky in the future and i think that.

capital gains three percent two percent
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:32 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"Strictly speaking the value of tax lost harvesting grows over time montana kley but it is comebacks so the tax lost harvesting you do the first of ten years of your life we'll be the most valuable taxloss harvesting you've ever do it will continue to be valuable for the rest of your life because of that of its compound exactly is so it's a tax to all compound who think there's a couple of um the the way i think about the benefits of tax lost harvesting number one it's a tax arbitrage tax rate arbitrage by so generally speaking you are using investment losses to offset ordinary income ordinary income as your highest marginal tax rate you embedded tax gain in the portfolio that you then payoff generally twenty or thirty years in the future and that's going to be a longterm capital game rate which is generally about half of your ordinary and on so there is a a straight arbitrage play in tax rates there is the fact that you reduce your tax rate now you can take that saved money invest it and the the compound in does a lot of work for you in the last element this really beautiful this is the only case i found of where inflation works for you so if you imbed in your portfolio a 100dollar loss that lost is not grow over the next thirty or forty years you then liquidated you have a a larger gain that is larger by one hundred dollars if so but twenty or thirty years in the future that's not going to be worth anywhere near as much as it is today so because those embedded gains don't inflate overtime their real value of tax lost hosting over twenty or thirty or period is i think most people actually far underestimated makes sense.

tax rates montana thirty years one hundred dollars forty years 100dollar ten years
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:34 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"So tax lost harvesting is a great example you talk about like stock picking or asset allocation usually there's somebody else on the other side of the table when you're buying or selling something who is another strategic actor the there's a zerosum game there tax lost harvesting there's not right it's it's the the us government and the irs and they do not move quickly and they're going to declare their rules before they change them but it's a form of tass management where we say we are going to reduce effectily how much tax you pay now this year and some of its going to be deferred into the future but by doing so you get to keep more of your money hopefully you're gonna reinvest it and it's going to grow faster and at the end of the day the government takes home less of you work rothe and you keep more of your growth we can do that until the cows calcium there's no there's no sort of like capacity or constraints issue there's no trading issue nobody's is going to sort of i don't know how to put it like zero sum us out from that and by building it we know that we're making our customers better off right it's not a oh this might work some years and doesn't work other years you are right in an algorithm art works every year so taxes costs an investor behavior or what we tend to focus on rather than the investments themselves in trying to predict investment returns on the tax issue and i was always cares about this what are we that a conversation about i don't know if i got full resolution on it it always struck me that the longer the horizon the less valuable tax australia cigarette if you hold your instruments for awhile issues unit a an a crude gain there's no harvesting to half this is the sort of thing where it's tough because you can't see graphs on a podcast so.

irs us
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:30 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"And then we do a fairly straightforward optimization to say if we want to go up to ninety percent stocks which of that portfolio look like if we want to go down to twenty percent stocks which that portfolio we are predominantly goals based so in order for us to give advice decline has to say how long they're investing four and what the type of the goal is so that might be retirement it might be a house downpayment and might be an emergency fund the big driving factor there is this schedule of liquidation how many munster periods are you going to be liquidating it over so we have a time period and liquidation schedule we do a very fairly straightforward liability driven investing thing where marie say over this period of time this is the return that we expect from stocks and bonds and we're going to put you on a glide path that is appropriate for so is again not incredibly complicated nothing nothing fancy we don't do any stock picking or a market timing of any form there's no hedging they're derivatives or anything we just basically link risk in time and that's how most customers receive advice is this is the goal that you're thinking of here's how you should and what is one of the breath of markets that you'll put their clients had to basically most publiclylisted world instruments so you're looking at all us stocks international develop stocks emerging market stocks we also invest in domestic bonds municipal bonds emerging market bonds corporate bonds etcetera so it is a the trade off there is usually about we want to give as much.

marie us munster ninety percent twenty percent
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:32 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"And that's been a big part of the product development cycle here where i'll give you one of our best examples is a feature called tax impact preview so the vast majority the time when you are trading if you're selling a security and a taxable account is usually not clear what the tax impact of that is going to be to you if i'm doing this in january i'm not gonna learn about my net taxes until the following april i might have not a really considered the cost basis of what i'm selling right now this is exactly what goes on with credit cards right like the the pleasure of consuming is divorced from the pain of pain and taxes do it over fifteen month rosine rather than necessarily over just a one month so we said we know that some people change their allocations in response to market events they might not be considering the fact that if they do that they are going to be incurring taxes and we know that taxes are generally something that people want to avoid so we worked with the the sort of backend in custody team to put together something that in real time before you make a decision says just saying you now this is how much tax you're gonna go if you go through with us you can still do it but we're going to let you know head of time and we split tested out over a period of i believe about four weeks to see whether or not you know what's going on the market was affecting things but we wanted to be able to really control out the effect of any ethnic else worse outsources just showing people this tax impact and what we found was that if we show them a positive tax number they were about seventy percent less likely to go through with a transaction.

real time product development seventy percent fifteen month four weeks one month
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:52 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"Hina worth individuals have a much broader investment set that they can choose from when you're trying to customize it the downside of it was that there was always that intermediary dot human adviser and if you're behavioral finance person you say okay so generally speaking i know about the issues of the end client and i'm going to try and be fixing them as part of my role but then i also have the adviser and so rather than a one body problem i've got a to body problem into body problems are much more complicated right in one body shirts so i enjoyed it but i i was lacking sort of a a good empirical feedback loop we weren't sure whether or not what we were doing was helping customers we weren't sure how what effect it was having on the advisors in the relationship so is a little bit of a a lack of a highfidelity feedback loop which i saw the possibility for here so the number one hypothesis was most of behavioral finance operates in some rome were either they look at a lot of observed behavior so if you look at trading behavior of individual investors mutual fund flows you have this sort of natural world thing we say there's a lot of there's a lot of apparent mistakes going on here but we can't drill down into precisely why and at the other end of the spectrum you have sort of toy laboratory experiments by psychologists saying when you present people with these gambles in this format this is how they miss make decisions and bringing this together finding the middle ground where we can say yes if we tweak the interface that investors are using to make these decisions because we have this psychology theory about how they about making decisions do we see a change in behaviour do we see a change in happens and if that's true feedback into it so a big part of it was of my my joining was i wanted to see if we could do this effectively in the real world in a in a kind of scientifically rigorous fashion.

drill down
"dan egan" Discussed on Capital Allocators

Capital Allocators

02:02 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"And then at some level you start saying how can i build around myself systems or habits are patterns so that i minimize the really the harmful one and obviously that's the reason i was really interesting to have his conversations we started talking about the tools that you've been building here with your team to improve individual investors decisionmaking processes i was really curious to really flesh out you had to come up with them what are those tools so why don't we start with i was thinking about convert any type of scientific research process where you start with i botha's issue collect data you test the data and then you implement so let's start thinking about basic investment philosophies what were the key hypotheses you had about human behavior as a relates to investing that you thought you could implement and and improve individuals decisionmaking processes shirt so one of the most important parts i want to take a step back to give some context so before joining betterment i was at barclays wealth i worked both in the uk and europe as well as in the united states doing behavioral plot finance four wealth managers and this the framework was generally that i would design a system basically a client profiling system where the climb would answer a number of questions we would get back a questionnaire at suitability questionnaire we would provide the results of that report both to the client but also to the adviser and then they would come up with a proposition of what services the client should get how they should be invested how we're going to tailor the portfolio specifically to them and that was fantastic i joined barclays back in two thousand and seven and is to their credit that they said we believe apply behavioral finance can be used effectively we we had a year our team of three people originally had a year where we had no output because we are trying to figure out how do we dovetail the behavioral finance with what the bank actually needs and with what the customers actually what are the constraints you know what are the liquidity constraints what are what products can we use with these high networth individiuals and that's that's a nice part of it is that um.

uk europe united states barclays i botha
"dan egan" Discussed on Capital Allocators

Capital Allocators

01:51 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"Allocate resources how they're gonna how they're kind of kind of economically manage themselves so at some point i realize that the job prospects where a heck of a lot better if you have an economics degree and you can usually study most of the psychology you can you can understand the methodologies you can understand why they're doing what they're doing but the statistical and mathematical requirements for economics is harder so i said okay i'm gonna major as an economic centre grabbed but i'm gonna minor and psychology specifically cognitive psychology at i'm no good as a therapist nugget abnormal psychology or schizophrenia are anything but understanding how individuals make decisions and that kind of inability to decide about which one of those things i really wanted to focus on let me to kind of being acceptably good at both of them i'm not an awesome economist i am not an awesome psychologist but specifically in the realm of understanding how people make economic and financial decisions i'm pretty good so i think that was lucky in that that lack of commitment to one specific discipline i got lucky in that it's paid off now and so did you at some point in time take a step back as you're studying decisionmaking processes of people and say how come i can't make this decision absolutely it has a part of the best part of it you you're always at federally reflecting a you know we talk about here at betterment when we build software dog food you know like are you using the thing yourself such that you experience what works and what does and let's in wing and the amount of insight that you get where you read about something and then a day or two later you're like oh i just did exactly that thing that you know kind of like little trick that we plan our cells it gives you a great lens to see the world it doesn't stop you from having all of those issues it doesn't stop you from making a rational decisions it doesn't make you some sort of super rational person it just does give you a framework of saying okay this is why this as happenings has how this is happening.

"dan egan" Discussed on Capital Allocators

Capital Allocators

01:57 min | 4 years ago

"dan egan" Discussed on Capital Allocators

"Boom boom boom boom boom boom boom hello i'm ted sightings and this is capital algiers this show is an open exploration of the people and process behind capital allocations through conversations with leaders in the money game we learned how these holders of the keys to the kingdom allocate their time and their capital you can keep up to date by visiting capital allocators podcast dot com my guest on today's show is dan egan the director of behavioral finance and investing f betterment the market leading robo adviser dan has spent his career applying behavioral finance principles to help individuals make better financial and investment decisions prior to joining betterment in its early years dan spent six years as a behavioral finance specialist for barclays wealth management here's a graduate of boston university and the london school of economics and lectures at new york university the london business school and the london school of economics our conversation discusses how dan this created evidencebased tools that improve outcomes for individual investors ranging across taxloss harvesting rebalancing client reporting mental accounting commitment mechanisms and communication during turbulent market times as he spoke dan have my head spinning thinking about how institutions and individuals alike could implement quantitative tools in their investment processes to help avoid known behavioral pitfalls during critical market moments i hope you enjoyed the show if you do please help spread the word by subscribing to the podcast writing a review on i tuned this joining my mailing list phoning a friend or all of the above thanks for your time.

algiers dan egan director boston university new york university london business school mailing list ted barclays london school of economics six years