In this episode of Actively Speaking, host Steve Bleiberg is joined by David Siino, lead portfolio manager for Capital Reinvestment strategies, to unpack why quality investing has struggled recently despite its strong long-term track record. They explore how AI, shifting capital intensity, and changing economic drivers are reshaping where and how quality shows up in today’s market—separating hype from fundamentals and short-term narratives from durable business value.

In this episode, guest host, U.S. Equity Portfolio Manager Justin Howell is joined by Co-Portfolio Manager and Technology Analyst Victor Anthony to discuss the evolution, impact, and investment trends surrounding artificial intelligence (AI). The conversation covers the rapid adoption of generative AI technologies like ChatGPT, the competitive responses and capital expenditures of major technology companies, the cost and complexity of building data centers, and the shifting bottlenecks from compute hardware to power infrastructure. Justin and Victor analyze the roles of key industry players such as Nvidia, AMD, and the "Magnificent Seven," explore how AI is reshaping stock market returns and business models, and debate the sustainability and potential risks of the ongoing AI investment cycle. The episode concludes with insights on what signals might indicate an AI bubble and the long-term implications for returns on invested capital in the sector.

Following the mid year rebalancing of the Russell indices, we look at some of the companies that have moved into the Value index, maybe somewhat surprisingly. We also explore how intangible assets are not always valued correctly, especially under GAAP accounting standards. Finally we discuss how many of the top performing stocks of the last 10 years would have been difficult for value investors to invest in. Important Disclosures: For institutional investors only. TD Global Investment Solut...

Over the last two years, the health care sector has underperformed both the technology sector and the MSCI World Index as a whole. The sector has typically been known as one with high profitability, high return on capital companies, so what has been driving the underperformance? Research Analyst Tim Wengerd joins the podcast to discuss that question and the outlook for the sector.

Equity Research Analyst Michael Beckerman joins the podcast to discuss the Commercial Real Estate market. We discuss the state of "return to office" and what it means for office real estate and the banks that carry real estate loans on their balance sheets.

U.S. Fundamental Equity Portfolio Manager and Research Analyst Steve Salzone joins the podcast to discuss the energy transition. We discuss the current energy mix along with what the common expectations are for the future energy mix and whether or not they are reasonable. this episode also explores the implications for energy companies and the transportation sector.

In 2023 we saw the explosion in popularity of drugs to treat obesity, known as GLP-1s and attractive returns for their manufacturers. With the popularity showing no signs of diminishing in 2024, Quality Capital Reinvestment Analyst Tim Wengerd, who covers health care companies, joins to discuss the implications for investors. Looking beyond health care, Tim and Steve also explore what other types of companies may be impacted by the wide use of GLP-1s.

The expectations coming out of the COVID pandemic was that China's economy would experience a rebound, but that has not materialized. In this episode we look at some of the potential reasons for that including a slowing housing market, the tapering of the migration from rural to urban regions and the buildup of debt.

With share buybacks on the rise, Shareholder Yield Portfolio Manager John Tobin, PhD joins to discuss how shareholders benefit when a company buys back its stock. He also explores why management teams should not try to time their buybacks. Finally, John and Steve explore the impact of the U.S. tax on buybacks that went into effect at the beginning of 2023.

We look at the importance of understanding how company management is compensated. At a very basic level, we believe that incentives matter. Presumably, executives want to maximize their compensation, so any time you are thinking of investing in a company, you should want to know what incentives those executives are responding to, because that will tell you what kinds of actions they are likely to take. (February 21, 2023)