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This Week in Intelligent Investing examines timely and timeless investment topics to help you become a better investor. Enjoy authentic, unscripted discussion, featuring Chris Bloomstran of Semper Augustus Investments Group, Phil Ordway of Anabatic Investment Partners, Elliot Turner of RGA Investment Advisors, and other thought-leading investors. The podcast is to you exclusively by MOI Global, the research-driven membership organization of intelligent investors. Your host is John Mihaljevic, Chairman of MOI Global.
Episodes
Monday Sep 18, 2023
Monday Sep 18, 2023
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the small-cap versus large-cap dichotomy, as reflected by US small caps recently hitting a 22-year low versus large caps (measured as the ratio of the Russell 2000 to the Russell 1000). We debate whether the time has come to seek outperformance in small caps versus large caps.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Saturday May 27, 2023
Saturday May 27, 2023
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss commercial real estate and the future of offices. They debate whether commercial real estate offers an opportunity for contrarian investors.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Sunday May 14, 2023
Sunday May 14, 2023
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss takeaways and lessons from the Berkshire Hathaway Annual Meeting 2023. Phil kicks off the episode with a personal recap of his trip to Omaha.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Monday May 01, 2023
Monday May 01, 2023
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the small-cap opportunity following a period of underperformance of small-cap versus large-cap stocks.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Saturday Apr 15, 2023
Saturday Apr 15, 2023
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the research paper, "Overconfidence, Under-Reaction, and Warren Buffett's Investments", by John S. Hughes, Jing Liu, and Mingshan Zhang.
The paper is available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1635061
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Saturday Mar 25, 2023
Saturday Mar 25, 2023
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the turmoil in the global banking system, delving into causes, remedies, and opportunities for intelligent investors.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Sunday Mar 12, 2023
Sunday Mar 12, 2023
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the end of TINA ("there is no alternative" to equities) and how investors should think about protecting and growing wealth in a treacherous environment.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Sunday Feb 26, 2023
Sunday Feb 26, 2023
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss artificial intelligence, its capabilities and shortcomings, related trends, and implications for investors.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Sunday Feb 19, 2023
Sunday Feb 19, 2023
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the Bed Bath & Beyond saga and draw analogies to past case studies, including DryShips and Hertz.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
Sunday Jan 29, 2023
Sunday Jan 29, 2023
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss long-term investment opportunities among fast-growing but money-losing companies whose stock prices have declined precipitously over the past year.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.