Summary: Lila Murphy - “You must know the community in the company you invest in”<br> Doug Noland - “You must know the signals of the credit markets”<br> Be a fly on the wall for the McAlvany Wealth Management team discussion<br> <br> To learn more go to https://mwealthm.com<br> <br> About Our Guests:<br> <br> Doug Noland:<br> <br> Doug has 25 years of investment management experience. With 16 years at the Prudent Bear Fund, which followed nine years working with short-biased hedge funds, Doug has deep expertise in all aspects of managing short exposure. After beginning as a trader, Doug worked as an analyst, portfolio manager, senior PM and then senior VP and head of alternative equities management at Federated Investors. Doug was also PM for the Prudent Dollar Income Fund, with broad experience in fixed income, currencies and commodities.<br> <br> Doug graduated summa cum laude from the University of Oregon (accounting and finance) and received his MBA from Indiana University. Prior to investment management, Doug was a Price Waterhouse CPA, and Treasury Analyst at Toyota USA.<br> <br> Doug has been a long-time student of macro economics, assisting with The Richebacher Letter (1996-2001) and authoring the Credit Bubble Bulletin since 1999.<br> <br> <br> <br> Lila Murphy: <br> <br> Founder of Intrinsic Value Partners, LLC., an analytical and due diligence consulting practice focused on hard asset securities. She also sits on the board of Dundee Corporation, a TSX listed diversified holding company with investments in natural resources, real estate, wealth management, and agriculture. Prior to August 2018, Lila was a Portfolio Manager on the Alternative Investment Team at Federated Investors, where she was responsible for capital allocation, stock selection and portfolio construction for a 40 stock hard assets strategy.<br> <br> Prior to Federated, she worked for David W. Tice and Associates on several products including two hedge funds (Prudent Global Gold Fund, Prudent Global Natural Resources). She also provided due diligence on the resources portfolio within Prudent Bear Fund.<br> <br> She graduated with honors from New York University and has earned the Chartered Financial Analyst designation.<br> <br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> Getting Paid To Own Real Things<br> September 17, 2019<br> <br> “There is such a deep level of satisfaction getting to work with professionals, but it speaks to who we are as a group, who we are as a team. Professionalism demands our very best. And that’s what we want to do. We want to offer our very best to a client base, to work our tails off and put a product, or a number of products, out there that serve their needs, that answer that question – quid deinde? What is next?”<br> <br> David McAlvany<br> <br> Kevin:We have two special guests in the studio today, Dave, but before we go to them, I think we should probably point out, this is the first Weekly Commentary since the European Central Bank went to negative nominal rates. They are literally telling people that they are negative. And this is the first Commentary that we have ever had where Trump has tweeted that he wants negative rates, as well.<br> <br> David:Talk about competitive devaluation, talk about trade wars, what do we want? We want to compete on the downside with rates, we want to compete on the downside with … if you adopt a policy like that, as Carmen Reinhart said a few weeks ago, you are adopting a policy that is intentionally picking the pockets of savers. It is a remarkable period of time. But as you and I have talked about it, you have pointed out, and I totally agree, that it suggests a period of desperation.<br> <br> Kevin:Dave, I have flown airplanes and I have also turned autopilot on and gotten up and done other things.
