TDAM Talks Podcast Q2 Roundtable Chat on Equities

TDAM Talks Podcast: Breadth of Experience - Q2 Roundtable Chat on Equities

Market Perspectives + 45 minutes = Current Insights

TD アセットマネジメント株式会社（TDAM）のポートフォリオ・マネージャー、ダミアン・フェルナンデス（Damian Fernandes）、ベンジャミン・ゴサック（Benjamin Gossack）、ホセ・アランチェリー（Jose Alherry）各マネジング・ディレクターにご登壇いただきます。

TD Asset Management Ink (TDAM) Manager Damian Fernandez, TDAM Portfolio Manager Benjamin Gosak, TDAM Retail Portfolio Manager, Vice President Alan We will invite cherry to hold a thre e-part roun d-table discussion of the stock market.

Industrial Super Cycle around the world: Is industrial stock a true leading role in this market? (1:10)
Party is being held in the market-why are investors indifferent? (2:55)
Does Fundamentals justify the stock market performance? (4:50)
Exciting with excitement: Difficulty of distributed investment by AI investment (9:00)

Portfolio construction: See the top 10 brands (6:00)
Process of value creation that leads to outpoors (9:00)
5 years of growth of TD Active Global Enhanst Dividend ETF: Stable strategy due to alternative thinking process (10:50)
Optional trading technology and science in evolving market structures (11:45)

Observation from the site: What is the investor community concerned about? (3:00)
Why do investors hesitate to enter the market? (6:30)
The philosophy of a company that moves the investment process (12:00)

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Transcript & Disclaimer - Part 1

Announcer: Welcome to the TDAM TALKS podcast "BREADTH OF EXPERIENCE". Popular, the Equity Round Table will be revived as the second quarter edition. Ask Jose Arancerie, Podcast, who talks about Damian Fernandes and Ben Gosak about the stock market.

Jose: Hello, Ben. Welcome to Damian Global Equity Round Table. Last time I took up some interesting topics, but this time it is the second. Three months after I gathered last time, there were many things. Nevertheless, most of the news cycles are still US stocks, at least US stocks, but the global stock index is the highest in history.

Jose: Germany, France, and even Chinese stocks have rebounded from the low. In this way, stocks are secretly improving. However, the theme of dissonance continues. So what is the cause? What is the difference between market performance and investors, and why? Why do people miss the story?

Ben: I think the price is leading the headline. Last year, I think the seven brands were leading this market. Damian, if you make a mistake, I want you to correct it, but I think you were narrowed down to two of "Mug 7". Nevertheless, the index has a highest value.

Ben: I think we were trying to explain that "Mug 7" is not real. So everyone may claim that the market Barrett is improving. My claim is that the industrial super cycle is in progress, and the real leading role in this market is industrial stock.

Ben: That's true worldwide. Considering the US market, hig h-tech stocks are very heavy, but no hig h-tech shares are found in the British and European markets. So, I think everything we saw under the water is more obvious now. Company profile

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Jose: Hello, Ben. Welcome to Damian Global Equity Round Table. Last time I took up some interesting topics, but this time it is the second. Three months after the last time we gathered, there were various things. Nevertheless, most of the news cycles are still US stocks, at least US stocks, but the global stock index is the highest in history.

Damian: So I will fully support Ben working with the same team. So I think that led to our ideas. But more importantly, looking back at what you said and three months ago, I think there was still a considerable uncertainty about the market and price three months ago.

Damian: The price makes the news, not the opposite. But that's right. Every market is 2 % or 3 % from the highest ever. Party bills that people have and do not want people are progressing. But the problem was, what I thought about this, Ben and I were talking about this.

Damian: That's right? The inflation rate has fallen. Of course, it is not as descent as people want, but it is down. The direction was 9 % in the latter half of 2022. Currently 3. 5. And the direction is correct. This is not the words of Damian Fernandez and Ben Gosak, but Jay Powell says that the current interest rate is tighter and the interest rate will be longer.

Damian: But their bias is easier. There are good data. The financial results are in great shape. It's like the second quarter of last year was the bottom of the revenue. The profit is improving every quarter and the growth is accelerating. This term is supported by the expansion of margins. If we were trapped in an uninhabited island, accessed an X account, and were told these factors, the profits would accelerate, the inflation would be slow, the central banks were not intervening, and the people were still indifferent. 。

Damian: It's not surprising that the market has updated the highest ever. The theme of secto r-like sector, such as the industrial superchats, which has started investing in data centers as Ben has spoken, has not changed for the last three months. Damian: So I will fully support Ben working with the same team. So I think that led to our ideas. But more importantly, looking back at what you said and three months ago, I think there was still a considerable uncertainty about the market and price three months ago.

Damian: It's not surprising that the market has updated the highest ever. The theme of secto r-like sector, such as the industrial superchats, which has started investing in data centers as Ben has spoken, has not changed for the last three months. Damian: So I will fully support Ben working with the same team. So I think that led to our ideas. But more importantly, looking back at what you said and three months ago, I think there was still a considerable uncertainty about the market and price three months ago.

Jose: He pointed out interesting about the settlement. It's just over the settlement season. As you realized, this financial result was a great success. Was the conviction and thesis built to build your portfolio? More importantly, there are positive and negative surprises in this financial season, but what are there?

Jose: Is Fundamentals justified the core performance in the stock market?

Ben: Well, I feel like I was in a lo w-tone season, so I'm trying to answer. The financial results of the US silver feel like a month and a half ago. Various things happened, we went on a trip, and some of the retailers announced their financial results than expected. So I think consumers have held up.

Damian: More than everyone expected.

Ben: More than everyone expected. The reaction of the stock price was quite malicious, and many stocks fell. Shopify failed, and Meta also failed. I don't think they failed. What I think is that it was very easy for hig h-tech companies to reduce spending.

Ben: So, when you're spending a lot of money and hiring excessively as part of your strategy, you can see it very well when you start your neck. Expenditures are now recovering, as the year of austerity is called the year of austerity. That was the theme. And I think the market asks a specific company what is the reward for its spending.

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Transcript & Disclaimer - Part 2

Ben: One of the financial assets we have is an investment bank, but it was a good number, but the stock price dropped by 5-6 %. But the stock price has returned to its original state and updates the maximum. So I think there was such an element in business performance. How about? What about Damian? Jose: You pointed out the financial results. It's just over the settlement season. As you realized, this financial result was a great success. Was the conviction and thesis built to build your portfolio? More importantly, there are positive and negative surprises in this financial season, but what are there?

Jose: Is Fundamentals justified the core performance in the stock market?

Damian: More than everyone expected.

Ben: That's why companies like SHOPIFY and companies like Meta have retired one step, and some companies have recovered. Damian and I, an investment banking company we run, believe that the market will update the highest value and the IPO market will open again, and the IPO cycle by M & Amp; A will come again.

Ben: One of the financial assets we have is an investment bank, but it was a good number, but the stock price dropped by 5-6 %. But the stock price has returned to its original state and updates the maximum. So I think there was such an element in business performance. How about? What about Damian? Jose: He pointed out interesting about the settlement. It's just over the settlement season. As you realized, this financial result was a great success. Was the conviction and thesis built to build your portfolio? More importantly, there are positive and negative surprises in this financial season, but what are there?

Jose: Is Fundamentals justified the core performance in the stock market?

Ben: Yes, I feel like I was in the financial results, so I'm trying to answer. The financial results of the US silver feel like a month and a half ago. Various things happened, we went on a trip, and some of the retailers announced their financial results than expected. So I think consumers have held up.

Damian: More than everyone expected.

Damian: What I was worried about in Canada's financial statements and US financial results was that bank revenue and credit cost were suppressed. So, the idea of consumers falling off the cliffs will be difficult.

Jose: ... it's a landing version.

Damian: That's right. The cost of consumer credit cards is soaring, and consumption is further depressed. The loan for the loan was a little bit, but it didn't pass. Tw o-thirds of the US economy are consumed. Consumers are fine and saved. The market has updated the highest ever.

Damian: And houses are also improving housing evaluation, not activities. In other words, consumer balance sheets are fine. Looking at Meta, Alphabet, and Amazon, the amount of money spent in the data center is huge, and the amount is $ 10 billion.

Damian: And what people don't understand well is that this is the construction of AI, and some companies in our portfolios support this. Of course, industrial companies that support the construction of AI, companies that provide chips, and companies that manufacture semiconductors. But some of the utility companies, such as the data center, are not sexy, as they gradually develop.

Damian: Is it a demand up by 30 % of the current base road? If there are current facilities that require energy and power. Is that so? That's why we have names related to energy and power in that space. Looking back on this quarter, consumers are doing well and the main part of the economy is strong, but the economic growth part has related spending on AI and others.

Damian: I think that's an exciting place. But Ben, do you think about this? Damian: What I was worried about in Canada's financial statements and US financial results was that bank revenue and credit cost were suppressed. So, the idea of consumers falling off the cliffs will be difficult.

Jose: ... it's a landing version.

Damian: That's right. The cost of consumers' credit cards has soared, and consumption is even more depressed. The loan for the loan was a little bit, but it didn't pass. Tw o-thirds of the US economy are consumed. Consumers are fine and saved. The market has updated the highest ever.

Damian: I think that's an exciting place. But Ben, do you think about this? Damian: What I was worried about in Canada's financial statements and US financial results was that bank revenue and credit cost were suppressed. So the idea of consumers falling off the cliffs will be difficult.

Jose: ... it's a landing version.

Damian: That's right. The cost of consumers' credit cards has soared, and consumption is even more depressed. I didn't pass the loan for a little money. Tw o-thirds of the US economy are consumed. Consumers are fine and saved. The market has updated the highest ever.

Damian: I think that's an exciting place. But Ben, do you think about this?

Ben: Yeah. So I think it's exciting. And I think it's scary at the same time. So I think it's exciting. I think our stock selection and our investment activity has allowed us to be invested in a lot of good names. What I think is scary is that, as Damien said, this spending cuts across different sectors and in a lot of places you could be five steps or even three steps away from direct spending with indirect spending.

Ben: So you might think that if you manage your portfolio based on sectors or sector weights, you're very diversified. Right. But what I'm really worried about is the compounding effect of bets. Right now we're in a phase where we're in an arms race and everybody's spending to build capabilities.

Ben: But nobody really knows what to do with AI. And at some point you have to get into the digestion phase. So you're still going to be spending. You're just not going to be spending at the same pace as you've been spending. Where you're going to have problems with equities is the second derivative, the third derivative of it. For example, when the market has what we call momentum players and they sense that things are slowing down, they become less rewarded.

Ben: And then when you get utilities and consumer and tech and industrials and all of a sudden communications and all that stuff, it's like, "Am I diversified? Am I adequately protected when all these stocks start to work against me? That's what's so scary about it.

Ben: That keeps me up at night. The other thing is, Damien and I look at stocks that analysts give us ideas for. What we're trying to do is we have a mandate that typically runs 40-50 stocks, so we don't need the next "n plus one" data center plan. So Damien has to say no to a lot of great ideas.

Ben: So adding "n plus one" ideas doesn't make your portfolio better.

Thank you Jose. Ben: Thank you. Damian, this time it was a wonderful discussion. I can't wait for the next quarterly connection with the listeners. Listeners, please write in comments and emails. I think if you have a topic that you are interested in, or a topic you want us to take up. Thank you very much for spending time with us.

Jose: Then next time.

Announcer: Thank you for listening to Part 1 of the second quarter Equity Round Table. All three parts are being distributed on Spotify, Apple, and Amazon. For the full text of the episode, see the TD Asset Management Insight page. The purpose of the information included here is for information provision only. The information is drawn out of the information source that seems to be trusted.

Certain investment packs and trading strategies must be evaluated in light of each individual's purpose and risk tolerance. This material is not provided to any person in the absence or unauthorized law. This material has not been screened by any securities or other regulatory authorities in the jurisdiction of the Judicial jurisdiction where we are doing business.

Jose: Is Fundamentals justified the core performance in the stock market?

Damian: More than everyone expected.

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Transcript & Disclaimer - Part 3

Ben: I don't need the next "N Plus 1", AI, data center. It's not diversification. Damian has to refuse many wonderful ideas. So adding the "N Plus 1" idea does not mean that the portfolio will be better.

Jose: Yeah, the risk is, you can own stocks in different sectors, but if it's a second or third derivative tied to a larger theme, you're effectively in the same boat.

Damien: So let me name some of them. Let me name some stocks that we don't own. Think of an engineering construction company, for example. What does it have in common with a (not audible) WSP or something like that, or Constellation Energy?

Jose: Utilities, right.

Damien: Right. Or maybe it has in common with Dell or something? Right. They make computers. They're all different sectors. But if you look at these stocks, they're all down. Because what's driving the earnings and the free cash flow is the same increased demand that these tech companies are making in AI investments.

Damien: That's what Ben was talking about. You think you're diversified, you own an engineering company, you own a power company, you own Dell Computers, you've got all the bases covered. But how much of Zuckerberg is going to put into AI next year is going to make or break you.

Jose: Right. Because, you know, one of the things I had as a general point, and a statistic that I thought was interesting, is that Big Tech's capital expenditures of $200 billion is in many ways more than what Big Oil spent at its peak. And these tech companies are spending a lot more on capital expenditures than capital-intensive industries.

One of those is oil and gas, which they spent through 2013 in their heyday. In your view, do we need to look at these companies differently as they become a bigger part of the economy? And to flesh this out, they're even starting to pay dividends. Is that changing before our eyes?

Ben: In other words, I don't know if it represents the economy. The stock market and the economy are completely different. One thing I can say from a portfolio perspective is that these companies are getting bigger and eating many portfolios. So, for example, Microsoft and Apple, and from the S & amp; P100 level, from the S & Amp; P500 level, a considerable amount of capital is eaten by two brands.

Ben: If Amazon is added to it, Google's ticker will be added and a meta will be added. What remains? So you may have to make a choice without having some of them to release your capital for other ideas. So, depending on the active manager benchmark, I think it will be difficult to select a portfolio or brand.

Ben: I think one of the harshest benchmarks is the daily index of S & amp; P100. Microsoft and Apple exceed 10 %, and most fund managers cannot have more than 10 %. Most fund managers cannot have more than 10 brands. So, as long as these companies are getting bigger and bigger, most operating companies cannot hold more than 10 % of shares, so I think they will face realistic friction.

Damian: As Ben said, Ben doesn't want to have a stock as an active manager as a portfolio manager. He likes these brands. He doesn't want to have a benchmark position. So soon, if you want to operate, I have a name overweight position. You are highly confident in the outperience because the market is missing fundamentals.

Damian: It's easy to make 5 brands more than 25 % of the portfolio. And I don't think that concentration is an unfair concentration. Most brands are so.

Jose: Let's understand the thinking process. Ben: I don't know if it represents the economy. The stock market and the economy are completely different. One thing I can say from a portfolio perspective is that these companies are getting bigger and eating many portfolios. So, for example, Microsoft and Apple, and from the S & amp; P100 level, from the S & Amp; P500 level, a considerable amount of capital is eaten by two brands.

Damian: It's easy to make 5 brands more than 25 % of the portfolio. And I don't think that concentration is an unfair concentration. Most brands are so.

Jose: Let's understand the thinking process. Ben: In other words, I don't know if it represents the economy. The stock market and the economy are completely different. One thing I can say from a portfolio perspective is that these companies are getting bigger and eating many portfolios. So, for example, Microsoft and Apple, and from the S & amp; P100 level, from the S & Amp; P500 level, a considerable amount of capital is eaten by two brands.

Damian: It's easy to make 5 brands more than 25 % of the portfolio. And I don't think that concentration is an unfair concentration. Most brands are so.

Jose: Let's understand the thinking process.

Damian: These ... Most of the brands that Ben picked up the top five, except Amazon. That's because Amazon produces a huge cache. They are highly profitable companies that are growing greatly. However, there are good companies in the market that are binary and are growing. But people have forgotten other things. Returning to Mug 7, people are looking at the top companies, and even companies that are not ranked in the top 10 or 20 companies have made high profits, have a high investment rate, and have capital. There is a rapidly growing company.

Ben: That's right. Returning to the story of the construction of a portfolio, this is something Damian and I think very well. We want to overweight all stocks for about 40-50 stocks. In a sense, we want to get rewards from X. So, if a brand is 5 % of the index, it must be 7 % to do an appropriate active bet. In addition, most funds disclose only the top 10 stocks. If you're listening, you'll probably think the top 10 is the top bet. But in fact, I think it can be misleading.

Jose: Oh, that's an interesting cut. I think it will be helpful.

Ben: ... So, if I have Microsoft and the benchmark rate is 5, I have a 2 % active bed. It may not be my biggest bet, but my top of my stock may look about 7 %. Then someone may say that Ben and Damian really like Microsoft. This means that we are managing based on active risks. So it's much lower than the benchmark weight. Generally, between 1. 5 % and 2. 5 %, if you are really convinced, it will be 3 %. But for me, this is an explanation of our performance, in contrast to seeing the top 10 stocks. I think that if these brands grow larger and bigger, the top 10 brands will not be very useful to understand what is happening in their portfolio. Damian: These ... Most of the brands that Ben picked up the top 5 except Amazon. That's because Amazon produces a huge cache. They are highly profitable companies that are growing greatly. However, there are good companies in the market that are binary and are growing. But people have forgotten other things. Returning to Mug 7, people are looking at the top companies, and even companies that are not ranked in the top 10 or 20 companies have made high profits, have a high investment rate, and have capital. There is a rapidly growing company.

Jose: Oh, that's an interesting cut. I think it will be helpful.

Ben: ... So, if I have Microsoft and the benchmark rate is 5, I have a 2 % active bed. It may not be my biggest bet, but my top of my stock may look about 7 %. Then someone may say that Ben and Damian really like Microsoft. This means that we are managing based on active risks. So it's much lower than the benchmark weight. Generally, between 1. 5 % and 2. 5 %, if you are really convinced, it will be 3 %. But for me, this is an explanation of our performance, in contrast to seeing the top 10 stocks. I think that if these brands grow larger and bigger, the top 10 brands will not be very useful to understand what is happening in their portfolio. Damian: These ... Most of the brands that Ben picked up the top five, except Amazon. That's because Amazon produces a huge cache. They are highly profitable companies that are growing greatly. However, there are good companies in the market that are binary and are growing. But people have forgotten other things. Returning to Mug 7, people are looking at the top companies, and even companies that are not ranked in the top 10 or 20 companies have made high profits, have a high investment rate, and have capital. There is a rapidly growing company.

Jose: Oh, that's an interesting cut. I think it will be helpful.

Damian: Yes, I sometimes see the name of the top 10. Oh, you bought a new brand. Jose: That's right.

Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.

Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.

Jose: Is Fundamentals justified the core performance in the stock market?

Damian: More than everyone expected.

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If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
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Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

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Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

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If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
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Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Damian: Right.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Damian: I wish I had a paperback test, but not.

Ben: But I can't. Going back in the past, I wrote this call at this price, I can't say this is my performance. So, based on the style of how we wrote the call, we had the feeling of what we did. So, I'm going to see how this will move.

Ben: In the last five years, considering what we had experienced, there were ascending market and new markets. The bear market rose many times, and this time. And if you look at our performance, you can see even better results in the rise. But this is also a gift of our product design. Returning to Damian's question, I wanted to make an al l-i n-one solution.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Ben: Income and growth.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Announcer: Thank you for listening to Part 2 of the second quarter Equity Round Table. Part 3 will be announced soon, so please look forward to it. Please share with your friends and colleagues. Follow your favorite app "Like" or "Comments", or send an email to the address listed in the description.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Announcer: Welcome to BREADTH OF EXPERIENCE. TDAM TALKS Podcast. Ask Jose Arancerie, Ben Gosak, and Damian Fernandez, the third part of the stock market. In this part, Ben's Cavadds Call Strategy, and Damian and Ben will go on a financial history, and discuss the market.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

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If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Damian: "Roaring Kitty", GameStop, AMC.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Damien: I just went out recently. The concern is.... Both Ben and I, and our team, are students of financial history. This bear market was caused by the most aggressive interest rate hike, tightening campaign by the Fed. In fact, the Fed raised interest rates by 5 basis points, in a short period of about 8 months, more than they had ever raised before. Right. That's what caused this bear market in early 2022. And that bear market, that level of monetary tightening, is what caused things to break down. The rise in bond yields and the impact that it had on assets.

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If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Ben: You can also manage "FOMO".

Damian: But that's what I'm listening to. What is actually worrisome is that things are up. What I am worried about is to get a feeling of uplifting. Damian: Yeah, I'm going back. I'm dating financial history here. But this may be a tw o-year scenario ... it may end. But I still think this is still in the middle to the middle stage.

Jose: Manage FOMO. I agree. It's very easy to get caught in the FOMO train.

Damian: The balance of risk is ... but people still have some Mome shares ... but still reached the enthusiastic level of the previous bullish market I don't think it's not. I think the risk is to continue as it is. By the way, we started talking from Fundamentals. Profit, inflation, gentle rise, and consumption of the Federal Preparatory System (Fed) are steadily consuming.

If you can manage FOMO, you may get all the brands again, and you may be exposed to many compound risks. But if you are right, what is the return? By holding a lot of brands, you may only lose all your bets.
Linkedin
Jose: The brand greatly exceeded the other 11 brands. Interestingly, the 8bps stocks in the index can be a factor in a bigger performance than any of the top 10 stocks.
Damian: That's what it is. I think the reason we are chosen is that we demonstrate some outpoons based on the process that thinks it makes sense. But more importantly, we operate 40 to 50 stocks in 2 % bet and others because we want to look different from the index. In today's world, you can buy index products without doing anything. Ben was talking about it, and we spend a lot of time on the idea of building portfolio, but it's important. Managing risks from the viewpoint of fundamentals and considering whether the brand has a high correlation, and even if the industry is different, the analyst says, "I know I really like this name, but owned the next idea" N + 1 ". I can't.

Jose: Portfolio manager knows, in a sense, to make the right choice.

Elim Poon - Journalist, Creative Writer

Last modified: 27.08.2024

The conversation with the portfolio manager continues in part three. Ben and Damian chat more about the covered call process, reflect on recent financial. Listen here: glfe.info The portfolio management team at TD Asset Management are back with part 2 of their Q2 roundtable. qaon-reporthtmlhttps td-asset-management-inc-tdam-announces-support-for-the-task-force-on-climate.

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TDAM Talks Podcast Q2 Roundtable Chat on Equities

TDAM Talks Podcast: Breadth of Experience - Q2 Roundtable Chat on Equities

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