VIDEOS

Steve and Frank discuss why policymakers actually want - and need - inflation.  They are purposefully crushing our economy near term to get inflation under control before the fall elections.  Thereafter, we expect a reversion to the prior playbook:  How investors should position for Washington's longer-term policy objective of inflation in order to get out of its debt trap.  

Fielder interviews Yen Liow of hedge fund Aravt Global. Yen has made a science of searching for “compounders” – durable growth businesses in strong market structures led by exceptional leaders. Yen shares what he’s learned over the years - namely, why and how he focuses on buying and holding compounders.

COVID has accelerated the change already underway in Federal Reserve and government policy.  This has driven markets higher, yet introduces more risk into the system.  Fielder Capital's Frank Byrd and Steve Korn explain why investors need to adapt their strategies for a very different environment.

Why is Warren Buffett, the world’s greatest active investor, telling the public to forego active funds in favor of passive index funds?  Frank explains to students at Columbia Business School how they should interpret Buffett’s remarks.  Should they give up their aspirations of being active managers?  Frank also shares how enterprising entrepreneurs can capitalize on the zeitgeist of these passive times.  A transcript of this speech is available upon request HERE.  

Frank shares his biggest mistake, Borders Books, with the Advanced Investment Research class at Columbia Business School.  He discusses lessons learned and suggests a tool that would have likely prevented the mistake: Analysis of Competing Hypotheses (ACH).  (March 30, 2015)

Frank Byrd speaks to the Advanced Value Investing Class at Columbia Business School. Using his work on Ingenico as a case study, Frank explains how analysts can structure their research process to develop a differentiated view and minimize first conclusion bias.  (Oct. 22, 2014)

Sharing 7 pictures in 7 minutes, Frank Byrd describes what Fielder believes matters most with inflation and how investors should position accordingly.

As Fielder looks to the future, we want to fortify our client portfolios and our operations to best navigate a fast-changing world. This 4-minute  video outlines our thoughts on both fronts.

What does the COVID crisis mean for investors?  Perhaps more importantly, how does Washington's evolving policy response affect our outlook?  Frank Byrd and Steve Korn discuss these topics.

Frank teaches students at Columbia Business School how to do a cool card trick – except that it’s not a trick. It merely playing odds that are so good that they’re like magic. It’s an great example of how human nature can create opportunities (and risks) that statisticians miss. (April 6, 2016)

Frank presents the Analysis of Competing Hypotheses (ACH) process to the Investment Management Club at Columbia Business School. He explains how the ACH process can improve the odds of investment success. (April 2015)

This is an abbreviated 5-minute version of Frank’s 2013 lecture to Columbia Business School on “How to Value a Moat”.  Frank explains why P/E and growth might not matter in determining the intrinsic value of a really great business.