Our hosts are Steve Curley, CFA and Chris Cannon, CFA, representing the CFA Society of Orlando. And our guest today is Jason Zweig. Jason has been a Columnist for the Wall Street Journal (WSJ) since 2008, writing the Intelligent Investor Column. Jason is on a short list of people globally that advocate for individual investors on a weekly basis and is somebody that embodies the spirit of The Investors First Podcast (putting investors first).
Before joining the WSJ, Jason held positions with Money Magazine (Senior Writer) and Forbes (Mutual Funds Editor), while also serving as a guest columnist for Time magazine and cnn.com. He is author of Your Money and Your Brain, is editor of the revised edition of Benjamin Graham’s The Intelligent Investor and his most recent book is The Devil’s Financial Dictionary.
In today’s episode, we start with Jason’s beginnings on a farm in upstate New York. We then compare traders vs. investors and discuss the gamification of investing, time on device (TOD; a term casinos often use as a measure of success), and the boredom market hypothesis (BMH; doing nothing). Jason then discusses how we can improve as an investor emotionally, the lone thing we can often control. We later discuss why investors don’t incorporate human capital in their investment portfolio, demand for ESG, the importance of writing in plain English for investors, and the illusion of “conflict-free” financial advice. Last, we cover heroes in investing and the financial literacy industrial complex.
The Institute for the Fiduciary Standard
A resource site for investors, brokers, academics and the media.
Building a fiduciary culture of honesty, integrity, and expertise.
Dan Moisand
Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.
The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”
Watch the video of Moisand speaking here.
Bob Veres
Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information”
Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.
"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."
- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture