The Disciplined Investor

The Disciplined Investor Podcast

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Last Episode : September 17, 2023 2:04pm

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Episodes currently hosted on IPFS.

TDI Podcast: Energy Transitions (#834)
CPI Hot – PPI Hot – but markets shrug it off. ECB raised rates 0.25% in a semi-surprising move. Blackout period continues for the Fed ahead of next week’s rate meeting – what a relief. And our guest this week – Eric Townsend, Host of the MacroVoices podcast Check this out and find out more at: Erik Townsend is a retired software entrepreneur turned hedge fund manager. Throughout his career, Erik has capitalized on his ability to understand complex systems and anticipate paradigm shifts far in advance of the mainstream. A teenage computer protégé, he spent most of his high school years at MIT's Artificial Intelligence laboratory, where he taught himself several computer programming languages. Erik became an independent software development and design consultant to Digital Corporation's manufacturing systems technology group at age 17. By age 20 he owned his first private aircraft, after earning his private and commercial pilot's licenses. From his experience at MIT, Erik recognized that the IT industry's failure to embrace distributed computing translated to an exceptional entrepreneurial opportunity. At age 21, Erik committed himself to developing and commercializing distributed application software technologies he was first exposed to at MIT in the late '70s. By the mid-1980s, Erik had invented an approach to distributed system design that is now widely known as Service-Oriented Architecture (SOA). After applying SOA concepts initially at Digital Equipment Corp (where he consulted for nearly 10 years), in 1992 Erik founded the Cushing Group, a boutique consultancy focused exclusively on bringing advanced distributed application computing technologies to market. The Cushing Group's work with Wells Fargo Bank in the early 1990s paved the way for Wells Fargo to become the world's first Internet Bank by early 1995. Erik has become a passionate world traveler. He moved to Hong Kong in 2009 to get a better perspective on changing global economics. While living in Hong Kong, several hedge fund professionals he met there observed that through his own passionate trading activities, Erik was “already doing all the work of running a hedge fund except for picking up the phone and calling a lawyer and turning it into a fund”. Erik was flattered by the advice of his peers in Hong Kong to launch his own hedge fund, but wanted to finish his boots-on-ground evaluation of the global economy first. He spent just over sixteen month in 2011 and 2012 exploring the world, living in 28 cities in 18 countries during that period. Erik continues to live a very international lifestyle, and presently has homes in Hong Kong, Mexico and the United States. Erik eventually took his Hong Kong friends’ advice to heart, and founded Fourth Turning Capital Management, LLC in 2013. Through that asset management company, he launched a Global Macro-strategy hedge fund in July 2013. In February 2016, in a joint effort with Nathan Egger, Erik launched Macro Voices, a new weekly financial podcast program which will target professional finance, high net worth, and other “sophisticated” investors who desire financial content at a level of sophistication and complexity above what the retail investment-focused podcasts on the Internet presently offer. Check this out and find out more at:   Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy - HERE Stocks mentioned in this episode: (Oil), (SPY), (QQQ), (RWN), (URA), (URNM)
Published Sunday
TDI Podcast: Dow Theory and Trends (#833)
The squirmy squirrelly market continues – China finally  figured it out – not pretty Oil up, stocks down, dollar up, VIX down just around 13 – Complacency? And out Guest, Manual Blay – The Dow  - Newsletter – Home of the Schannep & Blay Timing Indicators Manuel Blay is the editor of, a top-ranked investment letter that has garnered a remarkable reputation for assisting investors in navigating Bear markets while maximizing profits during Bull markets. Mr. Blay’s investment Letter is frequently quoted by Forbes, MarketWatch, Yahoo Finance, etc. Furthermore, he has extended the application of the Dow Theory beyond stocks to encompass U.S. bonds and precious metals. Throughout his career, Mr. Blay has actively traded for his personal portfolio. Prior to his endeavors as a trader and investment writer, he held a directorial position at an investment fund management company. Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (QQQ), (SPY), (RSP), (DIA)
Published 09/10
TDI Podcast: Cyber Trading U (#832)
Unemployment rate is up. Oil is Up. Stocks are Up!! Yields are up too! Guest- Fausto Pugliese - Cyber Trading University Fausto Pugliese was an original “SOES Bandit” day traders in the early 1990’s and was one of the first independent traders to take advantage of the Direct Access Trading technology. He acquired a wealth of knowledge from years of hands-on experience, beginning in the trenches, working side by side with some of the most practiced and successful traders in the industry. After semi-retiring as a successful trader in his early-twenties, Fausto developed his own trading school. Fausto is the CEO and Founder of Cyber Trading University, also known as CTU. He is also a twelve-time champion at the Traders’ Challenge and is known for his live-trading events where he gets to prove how well his trading methods work in real-time. Fausto is the author of How to Beat Market Makers At Their Own Game – Uncovering the Mysteries of Day Trading published by Wiley Trading. Cyber Trading University has been educating individuals in the art of trading since 1995. Thousands of investors nationwide have taken CTU courses and continue to visit the University for continuing education and updates. Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (DG), (LULU), (AMZN) (USO), (PLUG), (MARA)
Published 09/03
TDI Podcast: Bad IRA Advice (#831)
Squirrely market conditions continue – and its just getting started Deadline October 1st – Another political drama brewing... An inside look at terrible investing idea involving variable annuities. Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (SPY), (TSLA), (DKS), (M)
Published 08/27
TDI Podcast: The Ozempic Economy (#830)
Market action is going from bad to worse. Wondering about inflation – yes inflation. Another government shutdown looms – what happens next? And our guest – Ed Easterling of Crestmont Research Ed Easterling is the founder and President of Crestmont Holdings, an Oregon-based investment management and research firm that publishes provocative research on the financial markets at He has over thirty years of alternative investment experience, including financial markets, private equity, and business operations. Mr. Easterling is the author of recently-released Probable Outcomes: Secular Stock Market Insights and Unexpected Returns: Understanding Secular Stock Market Cycles (Cypress House; 2005). In addition, he is contributing author to Just One Thing (John Wiley & Sons; 2005) and co-author of chapters in Bull‘s Eye Investing by John Mauldin. Mr. Easterling is a Senior Fellow and a Board Member at the Alternative Asset Management Center at SMU‘s Cox School of Business in Dallas, and previously served as a member of the adjunct faculty teaching the course on alternative investments and hedge funds for MBA students. Mr. Easterling holds a BBA in business, a BA in psychology, and an MBA from Southern Methodist University. Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (SPY), (AAPL)
Published 08/20
TDI Podcast: Silver Linings (#829)
48 hours in Nashville. Mega-Caps puke up some of the recent gains - then try for a little run. Potential for reflation – watch for that word…  Not seeing and significant drop in CPI. Our Guest today is Lou Basanese – President of Public Ventures, LLC. Lou is a well-known thought leader and advocate for young technology companies with promising intellectual property. He brings decades of experience as a public venture investor and independent analyst, as well as a marketing, communications and investor and public relations professional. As President, Chief Market Strategist at Public Ventures, Lou focuses on leveraging the firm’s unique and proven process to elevate new technology companies into market leaders to establish public venture as a vital asset class to a much wider community of investors. Prior to joining Public Ventures, Lou served as Founder and Chief Analyst for Disruptive Tech Research, an independent equity research and advisory firm, focusing exclusively on disruptive technology companies. He also co-founded one of the web’s largest financial publishers with a daily circulation to more than 700,000 investors and served as Investment Consultant for an institutional investment consulting practice with over $2 billion in assets at Morgan Stanley. Lou regularly shares his insights on national media outlets such as FOX Business, CNBC and Yahoo! Finance. He received a B.A. from the University of Florida and an MBA from the Crummer Graduate School of Business at Rollins College. He currently serves on the board of directors of Endra Life Sciences (NDRA) and The Roberto Clemente Health Clinic. Follow @LouBasenese Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (AAPL), (GOOG), (AMZN)
Published 08/13
TDI Podcast: Navigating Discipline (#828)
The USA debt rating is CUT! Most earnings are out and we have the results. Weekly oil inventories – largest draw-down EVER! Guest – Cullen Roch founder of Discipline Funds, helps us navigate risk. Mr. Roche founded Discipline Funds to help investors obtain access to low fee, diversified portfolios that help them stay the course and meet their financial goals. Cullen’s primary areas of expertise include global macro portfolio construction, quantitative risk management, monetary economics, financial accounting and behavioral finance. Prior to establishing his own business, Cullen worked at Merrill Lynch Global Wealth Management where he worked on a team overseeing $500MM+ in assets under management. Upon leaving Merrill Lynch, Cullen managed a private investment partnership which took advantage of reporting irregularities ahead of major corporate events. The strategy generated substantial positive alpha (high risk adjusted returns) without a single negative year of returns from 2005-2011. He formed Orcam Financial Group in 2012 to help better serve the much needed retail space with sophisticated but low fee asset management and financial planning services. Cullen is also a prolific writer. In addition to the weekly musings on his website Pragmatic Capitalism, he is the author of the popular book Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance as well as “Understanding the Modern Monetary System,” one of the top 10 all-time most downloaded research papers on the SSRN academic research network. He is also the author of the popular white paper “Understanding Modern Portfolio Construction.” He was named one of the “Top Wall Street Economists, Experts and Opinion Leaders” of 2011 by Wall Street Economists and was named one of the “101 Best Finance People” by Business Insider, where he was described as “one of the most influential economic thinkers today.” In 2015, Cullen was named one of the “40 Under 40” most influential people in finance by InvestmentNews. He is regularly cited in the Wall Street Journal, on CNBC and in the Financial Times. Cullen is a Georgetown University alumnus, growing up in the DC area and now living in Southern California with his family, troublesome pup Callie and flock of chickens. Follow @CullenRoche Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (AMD), (TUP), (YELL)
Published 08/06
TDI Podcast: Silent Barks (#827)
Bank of Japan spooks investors. DJIA breaks it winning streak - almost had the all-time record. News to use, valuations to value. Guests, David Gaffen (Reuters) and Vitaly Katsenelson (IMA) David Gaffen is the U.S. breaking news companies editor at Reuters, where he has worked for 14 years. He also did stints as the U.S. energy editor and U.S. deputy markets editor and has been a business journalist for more than 20 years. In that time he has covered the 2008 financial crisis, the oil-market meltdown in 2020, and was nominated for a Loeb Award for a series of articles on the growth of stock buybacks in 2015. He lives in New York with his family. Follow @DavidGaffen Born and raised in Murmansk, Russia (the home for Russia‘s northern navy fleet, think Tom Clancy‘s Red October). Immigrated to the US from Russia in 1991 with all his family three brothers, father, and stepmother. His professional career is easily described in one sentence: He invests, He educates, he writes, and he could not dream of doing anything else. He is Chief Investment Officer at Investment Management Associates, Inc (IMA), a value investment firm based in Denver, Colorado. After he received his graduate and undergraduate degrees in finance (cum laude) from the University of Colorado at Denver, and finished his  CFA designation, he wanted to keep learning. He figured the best way to learn is to teach. At first he taught an undergraduate class at the University of Colorado at Denver and later a graduate investment class at the same university that he designed based on his day job. He found that the university classroom was not big enough, so he started writing. He writes a monthly column for Institutional Investor Magazine and he has written articles for the Financial Times, Barron‘s, BusinessWeek, Christian Science Monitor, New York Post, and the list goes on. He was profiled in Barron‘s, and has been interviewed by Value Investor Insight, Welling@Weeden, BusinessWeek, BNN, CNBC, and countless radio shows. Vitaliy has authored the Little Book of Sideways Markets (Wiley, 2010) and Active Value Investing (Wiley, 2007). Follow @vitaliyk Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (GLD), (USO), (AAPL), (QQQ)
Published 07/30
TDI Podcast: Tech Washing (#826)
The AI tech wash is getting old. Earnings in and so far, no surprises. One sell off day in a sea of buying. A recap of my discussion with Goldman Sachs. Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (AAPL), (MSFT), (NFLX), (TSLA), (SCHWB), (BAC), (JPM)
Published 07/23
TDI Podcast: A High Bar (#825)
Its that time again – earnings season is upon us. Markets in a new bull run – getting a little frothy though... Inflation is Only 3% Now – but that is against the high watermark and our guest, Patrick O’Hare – Chief Market Analyst for Patrick has been with since 1997 and authors the Page One, The Big Picture, Fed Brief, Market View, and Economic Data Reviews columns. He also provides commentary on Live In Play. Every Wednesday morning Patrick is a guest on KDOW's The Rob Black Show. He is quoted regularly in the financial press and has also appeared on CBS Radio, CNBC, CNN International, Fox Business Network, and PBS’ Nightly Business Report. Patrick is a graduate of Vanderbilt University and is located in Chicago. Follow @Briefingcom Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (AAPL), (JPM), (BAC), (NFLX), (SPY)
Published 07/16
TDI Podcast: ReZ-ILL-Yence (#824)
Rates spike to decade long highs. The employment reports provide mixed messages. Resilient – that is the name of the game -  And a look back in order to look forward. Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (AAPL), (JPM)
Published 07/09
TDI Podcast: Ignore It All (#823)
June is over – in the books – now the summer is finally here. Back to that question – Is this a new Bull market? We have some more info to discuss. NASDAQ 100 best 6 month start in decades! And things that were said that markets ignored. Check this out and find out more at: Follow @andrewhorowitz  Stocks mentioned in this episode: (SPY), (QQQ)
Published 07/02