by CFA SOCIETY PHOENIX
The Valley Investors Podcast gives listeners insight into the most prominent investors in the Arizona community and beyond. We speak with founders, CEOs, and Chief Investment Officers about what brought them to Arizona, their views on investing, and their connections to the local community. Find out more at: https://www.cfasociety.org/phoenix
Language
🇺🇲
Publishing Since
9/27/2023
Email Addresses
1 available
Phone Numbers
0 available
April 18, 2025
<p dir="ltr">In this episode of the Valley Investors Podcast, Don Opatrny shares his path from Cleveland to Cornell, through Wall Street and eventually to philanthropic leadership in Arizona. Don reflects on a dynamic career at Goldman Sachs that spanned corporate finance, international restructuring, and asset management. Now based in Phoenix, he’s channeling his expertise into nonprofit investment strategy—especially through his work at the Arizona Community Foundation. From practical insights on endowment management to stories about building impactful cultural and educational institutions, Don offers a masterclass on financial stewardship and civic engagement.<strong><br /></strong></p> <p dir="ltr"> </p> <p dir="ltr"><strong>Key Discussions in This Episode: </strong></p> <p dir="ltr">00:00 – Intro & Background</p> <p dir="ltr">03:07 – Career Journey Begins</p> <p dir="ltr">05:56 – A Global Career at Goldman Sachs</p> <p dir="ltr">10:22 – A Return to Roots with Endowment Work</p> <p dir="ltr">14:51 – Arizona Connection</p> <p dir="ltr">15:22 – Arizona Community Foundation (ACF)</p> <p dir="ltr">19:31 – Inside the ACF Portfolio</p> <p dir="ltr">28:55 – Private Equity in Endowments</p> <p dir="ltr">36:58 – Market Views & Risk Management</p> <p dir="ltr">44:38 – Broader Economic Shifts</p> <p dir="ltr">47:02 – Beyond Finance: Arts, Environment, Education</p> <p dir="ltr">51:28 – Why Arizona?<br /> </p> <p dir="ltr"><strong>Links: </strong></p> <p dir="ltr">Arizona Community Foundation: <a href= "https://www.azfoundation.org/">https://www.azfoundation.org/</a></p> <p dir="ltr">Nathan Erickson on LinkedIn: <a href= "https://www.linkedin.com/in/nathanferickson/">https://www.linkedin.com/in/nathanferickson/ </a></p> <p dir="ltr">Don Opatrny on LinkedIn: <a href= "https://www.linkedin.com/in/don-opatrny-544069268/">https://www.linkedin.com/in/don-opatrny-544069268/</a></p> <p> </p>
February 3, 2025
<p dir="ltr">In this episode of the Valley Investors Podcast, host Nathan Erickson welcomes Bill Nygren, Partner, and Chief Investment Officer at Harris Associates and Vice President of Oakmark Funds. Bill shares his journey from a working-class high school in St. Paul, Minnesota, to becoming a distinguished value investor managing the Oakmark Fund. He discusses his investment philosophy, lessons from his early career, and insights into the current market environment. Bill reflects on the evolution of value investing over four decades, why value still matters, and how he identifies opportunities in an increasingly intangible-driven economy. The conversation also explores the challenges investors face today with the abundance of information, the role of AI in transforming industries, and the persistence of value investing in an era dominated by mega-cap growth stocks.</p> <p><strong> </strong></p> <p dir="ltr"><strong>Key Discussions in This Episode: </strong></p> <p dir="ltr">[00:00:00] - Intro to the Podcast and Guest</p> <p dir="ltr">[00:01:26] - Bill’s Early Years and Path to Investing</p> <p dir="ltr">[00:07:16] - From the University of Minnesota to Wisconsin</p> <p dir="ltr">[00:12:46] - Early Career Lessons</p> <p dir="ltr">[00:15:16] - The Evolution of Value Investing</p> <p dir="ltr">[00:24:18] - AI’s Impact on Businesses</p> <p dir="ltr">[00:26:05] - Interest Rates and Their Implications</p> <p dir="ltr">[00:31:46] - GM as a Prime Example of Value Investing</p> <p dir="ltr">[00:39:16] - Challenges for Modern Investors</p> <p dir="ltr">[00:42:16] - Arizona and Cubs Spring Training</p> <p dir="ltr">[00:43:46] - Closing Remarks<br /> </p> <p dir="ltr"> </p> <p dir="ltr"><strong>Links: </strong></p> <p dir="ltr">Oakmark Funds: <a href= "https://oakmark.com/">https://oakmark.com/</a></p> <p dir="ltr">Bill Nygren on Linkedin: <a href= "https://www.linkedin.com/in/bill-nygren-173605208">https://www.linkedin.com/in/bill-nygren-173605208</a></p> <p>Nathan Erickson on LinkedIn: <a href= "https://www.linkedin.com/in/nathanferickson/">https://www.linkedin.com/in/nathanferickson/ </a></p>
January 10, 2025
<div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">In this episode of Valley Investors, Nathan Erickson welcomes Rob Arnott, Founder and Chairman of Research Affiliates, and a featured speaker at the upcoming CFA Society Phoenix Market Forecast Dinner. Rob discusses his pioneering work in fundamental indexing, the evolution of quantitative investing, and the importance of rebalancing in capturing returns. He shares insights into the limitations of traditional market-cap-weighted indices, behavioral investing biases, and the impact of indexing on market dynamics. Rob also explores the role of AI in finance, macroeconomic trends, and his cautious yet optimistic long-term outlook for global value stocks and emerging markets. Tune in for a deep dive into the future of asset management and market performance.</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"><span class= "NormalTextRun SCXW75177663 BCX0"> </span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><strong><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">Key Discussions in This Episode:</span></span><span class= "TextRun SCXW75177663 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"><span class= "NormalTextRun SCXW75177663 BCX0"> </span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props= "{}"> </span></strong></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:00:00] Introduction to the Valley Investors Podcast </span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:01:00] Introduction to Rob Arnott and his achievements</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:03:15] Rob discusses his college journey and early interest in investing</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:05:00] The influence of his first stock pick at age 12 and lessons learned</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:06:15] The origin of the fundamental index concept and its development</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:09:00] Key advantages of fundamental indexing over market-cap-weighted indices</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:11:20] Behavioral biases in investing: why investors chase winners and avoid losers</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:13:00] Discussion of the "Malkiel's Monkey" paper and random portfolios outperforming active managers</span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:17:00] Explanation of how rebalancing contributes to portfolio performance</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:20:20] Rob describes the structural growth tilt in cap-weighted indices</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:25:00] The rise of indexing and its implications for market dynamics</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:32:40] The creation of the NIXT strategy based on index deletions and its early success</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:40:00] Performance analysis of stocks removed from major indices</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:43:00] Rob's long-term market outlook: concerns about valuations and value stocks</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:46:50] The importance of macroeconomic trends and government spending in shaping economic growth</span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:50:20] Rob’s perspective on artificial intelligence and its role in investment processes</span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:54:10] Rob’s thoughts on the rapid pace of technological advancement</span></span><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">[00:55:30] Rob shares his fond memories of visiting Arizona and his excitement about the CFA event</span></span><span class= "TextRun SCXW75177663 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"><span class= "NormalTextRun SCXW75177663 BCX0"> </span></span><span class= "LineBreakBlob BlobObject DragDrop SCXW75177663 BCX0"><span class= "SCXW75177663 BCX0"> </span><br class= "SCXW75177663 BCX0" /></span><span class= "TextRun SCXW75177663 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"><span class= "NormalTextRun SCXW75177663 BCX0"> </span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"> </p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class= "NormalTextRun SCXW75177663 BCX0">Links:</span></span><span class= "TextRun SCXW75177663 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"><span class= "NormalTextRun SCXW75177663 BCX0"> </span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">Research Affiliates</span><span class= "NormalTextRun SCXW75177663 BCX0">:</span></span> <a class= "Hyperlink SCXW75177663 BCX0" href= "https://www.researchaffiliates.com/home" target="_blank" rel= "noreferrer noopener"><span class= "TextRun Underlined SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast="none"><span class="NormalTextRun SCXW75177663 BCX0" data-ccp-charstyle= "Hyperlink">https://www.researchaffiliates.com/home</span></span></a><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">Rob Arnott</span> <span class= "NormalTextRun SCXW75177663 BCX0">on</span> <span class= "SpellingError SCXW75177663 BCX0">Linkedin</span><span class= "NormalTextRun SCXW75177663 BCX0">:</span></span> <a class= "Hyperlink SCXW75177663 BCX0" href= "https://www.linkedin.com/in/rob-d-arnott" target="_blank" rel= "noreferrer noopener"><span class= "TextRun Underlined SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast="none"><span class="NormalTextRun SCXW75177663 BCX0" data-ccp-charstyle= "Hyperlink">https://www.linkedin.com/in/rob-d-arnott</span></span></a><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast= "auto"><span class="NormalTextRun SCXW75177663 BCX0">Nathan Erickson on LinkedIn:</span></span> <a class= "Hyperlink SCXW75177663 BCX0" href= "https://www.linkedin.com/in/nathanferickson/" target="_blank" rel= "noreferrer noopener"><span class= "TextRun Underlined SCXW75177663 BCX0" lang="EN" xml:lang="EN" data-contrast="none"><span class="NormalTextRun SCXW75177663 BCX0" data-ccp-charstyle= "Hyperlink">https://www.linkedin.com/in/nathanferickson/</span></span><span class="TextRun Underlined SCXW75177663 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="none"><span class= "NormalTextRun SCXW75177663 BCX0" data-ccp-charstyle= "Hyperlink"> </span></span></a><span class="EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> <p class="Paragraph SCXW75177663 BCX0"><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}">Cumulative Relative Wealth: https://drive.google.com/file/d/1jkOwwO_3YxiGYzwaUBTLDEZRCj-vTIWa/view?usp=sharing</span></p> </div> <div class="OutlineElement Ltr SCXW75177663 BCX0"> <p class="Paragraph SCXW75177663 BCX0"><span class= "TextRun SCXW75177663 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"><span class= "NormalTextRun SCXW75177663 BCX0"> </span></span><span class= "EOP SCXW75177663 BCX0" data-ccp-props="{}"> </span></p> </div>
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