The Investment Insights of Charles Ellis, a Financial Legend for 60 Years
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Published 2022-11-11
The ancient Greek philosopher Heraclitus said, “There is nothing permanent except change.” Charles Darwin certainly observed that in his trailblazing work on evolution more than 2000 years later. In a quote widely attributed to him, he is alleged to have commented, “It is not the strongest of the species that survive, nor the most intelligent, but the one most adaptive to change.”
As the markets fluctuate around us, how much should investors change?
This week’s guest has his own historical perspective on that question because he has lived through a momentous evolution in the markets. He is Charles Ellis, whose storied career started on Wall Street in 1963 after graduating from the Harvard Business School. He was a skeptical analyst during the go-go years of the 60s and founded Greenwich Associates, the top Wall Street consulting firm to major investment firms, institutions, and governments.
He was an influential board member of Yale’s endowment advising its legendary head, David Swensen. He’s taught advanced investment courses at both Yale and Harvard. And he has authored 20 investment books, including the classic, Winning the Loser’s Game, now in its 8th edition, and the recently published Figuring It Out: Sixty Years of Answering Investors’ Most Important Questions, which we will discuss in this week’s exclusive TV interview.
In the first of a two-part interview, Ellis will discuss the most significant changes that have occurred in the markets and what they mean for investors.
00:00 Hello!
00:29 Introduction
02:02 Interview with Charles Ellis
24:35 Action Point
#longterminvestment #investingstrategy #investingtips
WEALTHTRACK #1920 broadcast on November 11, 2022
More info: wealthtrack.com/sixty-years-of-investment-wisdom-f…
Bookshelf:
Winning the Loser's Game: Timeless Strategies for Successful Investing
amzn.to/3AbA9Nt
Figuring It Out: Sixty Years of Answering Investors’ Most Important Questions
amzn.to/3UsNnxC
All Comments (21)
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Consuelo, you are to be commended for showcasing this man’s wisdom! This interview was just a homerun!
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This man is a sage and wise investment powerhouse and legacy - I will read his book!❤ thank you for having him! He is still very sharp as a tack at 85! Wonderful!
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Winning the Losers Game. A. Charles Ellis classic! Looking forward to this interview.
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I recommend his and John Bogle's books to new investors.
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Thanks for this interview with Mr. Ellis. His advice is invaluable for any ordinary investor.
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“Knowing thy self” what an amazing thought and absolutely well explained. Love the down to earth explanation. That mother’s return of investment was the children being this successful to be interviewed!!! ❤👏👍
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Thanks for Charles’ wisdom.
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Having responsible parents that prepare for their children's future is a blessing. Not that I would know.😇👑🌍🌏🌎💚
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Great Interview! Charles Ellis is phenomenally intelligent and eloquent!
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"All of us have Bloomberg terminals"??? I had to look up what it was. Sounds like the starting point is $20k per year. Not at my house.
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9:22 Charles Darwyn would be fascinated by the amount of greedy and incompetent people still employed by the financial industry and investment management industry in particular. 90% of investment managers are serial underperformers and yet 99% of the managers get to keep their jobs. The entire hierarchy is driven by negative selection, and to quote Ron Desantis "There are so many worn-out greedy idiots (donkeys are lovely animals, and so I don't want to say donkeys and insult the donkeys) that need to be put out to pasture"
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So much ideas and insights to ponder on and act on. Thank you guys ❤
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Ellis says: "90% fail to keep up with the market)..etc. Simply put, if you take the other side of that bet you have a 90% chance of exceeding the market. An understanding of probability was my takeaway from business school and it has stood me in good stead. Ellis is always worth listening to but you have to listen very carefully to really aprehend what he's actually saying.
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So very interesting. Appreciate this kind of history lesson. ✨💫✨
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It would have been interesting if Charles Ellis had calculated the investment return if his mother had invested his college money in the S&P 90 (the stock market index in place before the S&P 500 came into existence in 1957) compared to the 0 percent return on the money placed in the bank checking account.
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Another great show by Consuelo- Thx
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My first investment in 1988, I had to call a trader and pay a $75.00 commission on a $250.00 investment. Now I could make a $250.00 (or whatever) trade, and pay nothing. Things have come a long way.
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In the last two years, the Federal Reserve has manipulated stock and bond markets so that 'price discovery' is not real any longer. Factors that now effectively effect the stock and bond markets include: 1. Fundamentals, 2. Technicals, 3. Mechanics (Options - call/puts), 4. The Fed purchases of bonds (daily), and FX (DXY) valuation of the USD. All our education really is getting less meaningful when markets are manipulated in this manner. I don't believe we have 'free markets' any longer. Also, we probably are going into long term stagflation where GDP continues to decline. In that environment you can't just assume stock markets will go up.
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Great channel - great show
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Thank you for this really informative video!
