Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
Post Reply
User avatar
Topic Author
Rick Ferri
Posts: 9708
Joined: Mon Feb 26, 2007 10:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Rick Ferri »

Click Here: Episode 040: Dr. Ed Yardeni, host Rick Ferri

Dr. Ed Yardeni is the President of Yardeni Research, Inc., a provider of global investment strategies and asset-allocation analyses and recommendations for institutional investors. In this podcast, we discuss his new book, In Praise of Profits, review economic activity from 2021, and look ahead to 2022.

Dr. Yardeni earned his PhD in economics from Yale University in 1976, a master’s degree in international relations from Yale, and completed his undergraduate studies magna cum laude at Cornell University. He previously served as the Chief Investment Strategist and Chief Economist of several Wall Street firms and asset managers and was an economist with the Federal Reserve Bank of New York, held positions at the Federal Reserve Board of Governors, the US Treasury Department in Washington, D.C., and taught at Columbia University’s Graduate School of Business.

Dr. Yardeni is frequently quoted in the financial press, including The Wall Street Journal, the Financial Times, The New York Times, The Washington Post, and Barron’s. He was dubbed “Wall Street Seer” in a recent Barron’s cover story. He also appears frequently on CNBC, Bloomberg Television, and Fox Business. 

This podcast is hosted by me, Rick Ferri, CFA, a long-time Boglehead and investment adviser. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.

Enjoy!

Rick Ferri
Your Host
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.
User avatar
Picasso
Posts: 528
Joined: Fri Feb 01, 2019 1:19 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Picasso »

Looking forward to this one!
User avatar
Stinky
Posts: 14154
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Stinky »

I interpreted the first part of the podcast as a robust, full throated defense of entrepreneurial capitalism.

Definitely refreshing to hear him speak so clearly on that topic.

I really enjoy the Boglehead on Investing podcasts!
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
User avatar
Topic Author
Rick Ferri
Posts: 9708
Joined: Mon Feb 26, 2007 10:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Rick Ferri »

It was refreshing to hear his perspective on how unbridled capitalism benefits people on every economic level.

Rick
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.
donaldfair71
Posts: 1241
Joined: Wed Mar 06, 2013 3:15 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by donaldfair71 »

Very well done, per usual.
sc9182
Posts: 2179
Joined: Wed Aug 17, 2016 7:43 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by sc9182 »

Stinky wrote: Thu Dec 02, 2021 8:14 am I interpreted the first part of the podcast as a robust, full throated defense of entrepreneurial capitalism.

Definitely refreshing to hear him speak so clearly on that topic.

I really enjoy the Boglehead on Investing podcasts!
Agree.

As you progress into the second half of this podcast (around 40 minutes), his Crystal Ball on interest rates appear as cloudy as everyone else’. And kept on adjusting the interest rate forecast - and wasn’t able to be much clear (understandably).

Towards last 3-4 minutes, discussed on Cold-Fusion., but not until one Musk, or Bezos moves into such field - suppose, Cold-Fusion might still be vaporware.

Overall good Podcast, thanks both and to bogleheads !!
User avatar
LadyGeek
Site Admin
Posts: 95696
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by LadyGeek »

Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
bgf
Posts: 2085
Joined: Fri Nov 10, 2017 8:35 am

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by bgf »

Rick Ferri wrote: Thu Dec 02, 2021 8:43 pm It was refreshing to hear his perspective on how unbridled capitalism benefits people on every economic level.

Rick
the first half of the podcast was by far the worst. i could barely listen to his comments on wealth inequality and how entrepreneurial capitalism will be the saviors of us all. it was rough. when he talked about how the wealthiest in this country are wealthy because they've generated the most profits, i had to laugh. it changes a lot, but i think its elon musk at this point, whose wealth has grown exponentially with Tesla share value, NOT profits.

here are Tesla's retained earnings -

https://www.macrotrends.net/stocks/char ... ed-deficit

but when he talked about stuff he actually has expertise in, it got a lot better.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"
donaldfair71
Posts: 1241
Joined: Wed Mar 06, 2013 3:15 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by donaldfair71 »

bgf wrote: Fri Dec 03, 2021 2:34 pm
Rick Ferri wrote: Thu Dec 02, 2021 8:43 pm It was refreshing to hear his perspective on how unbridled capitalism benefits people on every economic level.

Rick
the first half of the podcast was by far the worst. i could barely listen to his comments on wealth inequality and how entrepreneurial capitalism will be the saviors of us all. it was rough. when he talked about how the wealthiest in this country are wealthy because they've generated the most profits, i had to laugh. it changes a lot, but i think its elon musk at this point, whose wealth has grown exponentially with Tesla share value, NOT profits.

here are Tesla's retained earnings -

https://www.macrotrends.net/stocks/char ... ed-deficit

but when he talked about stuff he actually has expertise in, it got a lot better.
In what areas specifically do you disagree, and what is your pov that differs from Ed’s?
bgf
Posts: 2085
Joined: Fri Nov 10, 2017 8:35 am

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by bgf »

donaldfair71 wrote: Fri Dec 03, 2021 2:46 pm
bgf wrote: Fri Dec 03, 2021 2:34 pm
Rick Ferri wrote: Thu Dec 02, 2021 8:43 pm It was refreshing to hear his perspective on how unbridled capitalism benefits people on every economic level.

Rick
the first half of the podcast was by far the worst. i could barely listen to his comments on wealth inequality and how entrepreneurial capitalism will be the saviors of us all. it was rough. when he talked about how the wealthiest in this country are wealthy because they've generated the most profits, i had to laugh. it changes a lot, but i think its elon musk at this point, whose wealth has grown exponentially with Tesla share value, NOT profits.

here are Tesla's retained earnings -

https://www.macrotrends.net/stocks/char ... ed-deficit

but when he talked about stuff he actually has expertise in, it got a lot better.
In what areas specifically do you disagree, and what is your pov that differs from Ed’s?
we can't get into it here as it would violate board rules. what i think i CAN say is that the topic of wealth inequality, and other similar issues, are inherently, imo, philosophical. they are not questions 'to be solved' by math or economics. they deal with one's fundamental ideas of fairness, which cannot be right or wrong, per se.

i have mine. Mr. Yardeni has his. Fine. Regardless, his expertise is not discoursing on the philosophical question of fairness, and when he got off of that, the pod improved.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"
bgf
Posts: 2085
Joined: Fri Nov 10, 2017 8:35 am

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by bgf »

for those who enjoyed Mr. Ferri's pod, here is another recent pod interviewing Mr. Yardeni. he expounds on his ideas here as well...

https://www.youtube.com/watch?v=tQqFCGcWvCU&t=895s

im not gonna lie, i find some of the comments pretty funny.

edit* after going back and skimming through this, he actually discusses Tesla and Elon Musk directly IN SUPPORT OF HIS POSITION. the moderators tried to gently push back, but it was pretty clear to me that they were thinking 'what the hell is this guy saying?'
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"
Tonygis
Posts: 41
Joined: Fri Jun 23, 2017 12:52 am

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Tonygis »

Just finished listening to the podcast. One of the best. Thank you Rick!
User avatar
Topic Author
Rick Ferri
Posts: 9708
Joined: Mon Feb 26, 2007 10:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Rick Ferri »

bgf wrote: Fri Dec 03, 2021 3:06 pm for those who enjoyed Mr. Ferri's pod, here is another recent pod interviewing Mr. Yardeni. he expounds on his ideas here as well...

https://www.youtube.com/watch?v=tQqFCGcWvCU&t=895s

im not gonna lie, i find some of the comments pretty funny.

edit* after going back and skimming through this, he actually discusses Tesla and Elon Musk directly IN SUPPORT OF HIS POSITION. the moderators tried to gently push back, but it was pretty clear to me that they were thinking 'what the hell is this guy saying?'
Personal wealth is a castle in the sand the washes back into the sea after a couple of tides. In other words, personal wealth goes back into society over a few generations due to estate taxes, and dilution from being split up among many heirs and dispensed to many charities.
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.
bgf
Posts: 2085
Joined: Fri Nov 10, 2017 8:35 am

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by bgf »

Rick Ferri wrote: Fri Dec 03, 2021 9:54 pm
bgf wrote: Fri Dec 03, 2021 3:06 pm for those who enjoyed Mr. Ferri's pod, here is another recent pod interviewing Mr. Yardeni. he expounds on his ideas here as well...

https://www.youtube.com/watch?v=tQqFCGcWvCU&t=895s

im not gonna lie, i find some of the comments pretty funny.

edit* after going back and skimming through this, he actually discusses Tesla and Elon Musk directly IN SUPPORT OF HIS POSITION. the moderators tried to gently push back, but it was pretty clear to me that they were thinking 'what the hell is this guy saying?'
Personal wealth is a castle in the sand the washes back into the sea after a couple of tides. In other words, personal wealth goes back into society over a few generations due to estate taxes, and dilution from being split up among many heirs and dispensed to many charities.
Interesting metaphor. Unfortunately it's a bad one because it reflects our economy and society as having some "natural" mechanism promoting the dispersion of wealth. Similar to the mistaken belief that our markets "naturally self-regulate." Really bad things can't happen when smart, self-interested businessmen engage in arms length transactions, right?

JP Morgan was one of the most powerful people in the world at the turn of the century. He didn't believe in or promote business competition at all. Had there been no governmental intervention, corporate interests wouldn't even need the smokescreen of 'crony capitalism'; a few people would directly and obviously control our economy.

Or would all that power, influence, and wealth have "washed back into society"?

Capital pools and concentrates over time. The systems and markets we have in place contribute both to the ability to concentrate extreme sums of wealth in very few hands while also maintaining the stability of that wealth.

This isn't a bad thing. It certainly is an excellent way to grow an economy, but it's also not without some negative consequences. Recognition of these consequences would be a great start.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"
AlwaysLearningMore
Posts: 1934
Joined: Sun Jul 26, 2020 2:29 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by AlwaysLearningMore »

Rick Ferri wrote: Thu Dec 02, 2021 8:43 pm It was refreshing to hear his perspective on how unbridled capitalism benefits people on every economic level.

Rick
The first half of the interview was indeed very good. Fresh ideas to fulfill an unmet need or compete with existing providers + hard work --> opportunity for success

Look forward to reading his book.

"We went from a wooded land to an incredible, absolute abundance of riches because the United States has a system that can unleash human potential. Never bet against what humans can accomplish if they're operating in the right soil. And we have the right soil" -- Warren Buffet

"Our system unleashes people's potential. And we've got 312 million people that want to do better tomorrow than today. Over time, that works. This country goes forward, and it'll continue to go forward. The luckiest person in history on a probability basis is the baby being born in the United States today." -- Warren Buffett
Retirement is best when you have a lot to live on, and a lot to live for. * None of what I post is investment advice.* | FIRE'd July 2023
Dave55
Posts: 2017
Joined: Tue Sep 03, 2013 2:51 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Dave55 »

Thanks Rick, excellent interview, very informative.

Dave
"Reality always wins, your only job is to get in touch with it." Wilfred Bion
User avatar
Sandtrap
Posts: 19591
Joined: Sat Nov 26, 2016 5:32 pm
Location: Hawaii No Ka Oi - white sandy beaches, N. Arizona 1 mile high.

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Sandtrap »

Rick Ferri wrote: Fri Dec 03, 2021 9:54 pm
bgf wrote: Fri Dec 03, 2021 3:06 pm for those who enjoyed Mr. Ferri's pod, here is another recent pod interviewing Mr. Yardeni. he expounds on his ideas here as well...

https://www.youtube.com/watch?v=tQqFCGcWvCU&t=895s

im not gonna lie, i find some of the comments pretty funny.

edit* after going back and skimming through this, he actually discusses Tesla and Elon Musk directly IN SUPPORT OF HIS POSITION. the moderators tried to gently push back, but it was pretty clear to me that they were thinking 'what the hell is this guy saying?'
Personal wealth is a castle in the sand the washes back into the sea after a couple of tides. In other words, personal wealth goes back into society over a few generations due to estate taxes, and dilution from being split up among many heirs and dispensed to many charities.
Yes!
Well said and on target!

This is the "Elephant in the Room" that is less grasped or apparent the farther a person is removed from the direct process of "goods and services" exchanged for "money/value/etc".
A poor example might be; The generational wealth accumulation of a family "business" that rises and falls as you state, and what is experienced as far as exposure, by a corporate or institutional or other, employee who goes to work 40 hrs a week and has a paycheck and retirement funding on autopilot.
Thus, those lst level entrepreneur business people who started "selling hot dogs out of a sidewalk stand on 4rth street" and ended up with a Nationwide franchise such as Papa Johns Pizza, will have very different input as you say. IE: Musk, Buffet, Bezzos, etc.

j :D
Wiki Bogleheads Wiki: Everything You Need to Know
exoilman
Posts: 881
Joined: Wed Oct 15, 2008 1:38 pm
Location: New Jersey

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by exoilman »

reference
User avatar
Sandtrap
Posts: 19591
Joined: Sat Nov 26, 2016 5:32 pm
Location: Hawaii No Ka Oi - white sandy beaches, N. Arizona 1 mile high.

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Sandtrap »

Rick Ferri wrote: Thu Dec 02, 2021 8:43 pm It was refreshing to hear his perspective on how unbridled capitalism benefits people on every economic level.

Rick
+1
Yes. It really is the ultimate reality check, "where the rubber meets the road".

Great post and link.
Mahalo for posting it.
j :D
Wiki Bogleheads Wiki: Everything You Need to Know
Leesbro63
Posts: 10640
Joined: Mon Nov 08, 2010 3:36 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Leesbro63 »

Rick Ferri did a good job here. Yardeni was interesting to listen to. But when Rick reminded him that he predicted a 3% yield on the 10 year treasury, he sloughed it off with “yeah that didn’t happen so I lowered my number to 2%”.

Reminds me of this: (Yardeni was a huge Y2K catastrophist)

https://money.cnn.com/magazines/fortune ... /index.htm
Last edited by Leesbro63 on Sun Dec 05, 2021 9:42 am, edited 1 time in total.
User avatar
Barry Barnitz
Wiki Admin
Posts: 3353
Joined: Mon Feb 19, 2007 9:42 pm
Contact:

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Barry Barnitz »

Hi:

We have completed the transcript for Episode 40 with Ed Yardeni. Here is the link: Bogleheads on Investing- Episode 40 transcript.

regards,
Additional administrative tasks: Financial Page bogleheads.org. blog; finiki the Canadian wiki; The Bogle Center for Financial Literacy site; La Guía Bogleheads® España site.
Gaston
Posts: 1220
Joined: Wed Aug 21, 2013 7:12 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by Gaston »

I liked Ed’s distinction between “entrepreneurial” capitalism versus “crony” capitalism. The former provides great incentives (and benefits) to most everyone, while the latter rigs the game.
“My opinions are just that - opinions.”
ljford7
Posts: 103
Joined: Tue Jul 06, 2010 8:15 pm

Re: Dr. Ed Yardeni discusses his new book and the economy on this "Bogleheads on Investing" podcast

Post by ljford7 »

Good Morning Rick,

I really enjoyed the podcast and felt it was one of the best. Ed's no nonsense approach to answering the questions was very refreshing. I also enjoyed his views that were backed up by data/facts even when they go against the prevailing narrative (some of the posters in this thread didn't seem to appreciate it).

Thanks again for doing these! I always learn a great deal and look forward to your future guests.
Post Reply