Market Moments

Market Moments with David Poppe, Giverny Capital Asset Management

Seward & Kissel LLP — Wed, 08 Mar 2023 09:00:00 +0000

In Seward & Kissel’s most recent Market Moments conversation, Paul Miller checks in with David Poppe, President and Co-founder of Giverny Capital Asset Management. Paul and David discuss:

updates on his Firm’s development since his last Market Moments conversation (0:30)
the continued impacts of the coronavirus pandemic on the market (3:30)
where the market is heading in 2023 (5:43)
risks investors may be missing (7:40)
his reflections on the GameStop, AMC, Reddit situation (9:47)
positives about the development of his firm (11:28)

The discussion in this podcast is for informational purposes only and is not intended and should not be considered to be legal advice, and no attorney-client relationship is being created by this podcast. Attorney advertising.

The views expressed herein are those of Giverny Capital Asset Management LLC (“GCAM”) as of the date of this interview. (February 9, 2023) and are subject to change without notice. GCAM makes no representations or warranties regarding the completeness or accuracy of any information contained herein, and does not guarantee that any forecast, projection or opinion will be realized. This interview is presented for informational purposes only, and the information herein is not intended, and should not be construed, as investment advice or as an offer or recommendation to buy or sell any security.

The securities discussed herein were chosen for discussion solely to provide examples of GCAM’s research process and investment philosophy. GCAM’s research process and investment strategy have led to investments that have performed positively as well as investments that have performed negatively, and investments that have outperformed the S&P 500 Index as well as investments that have underperformed the S&P 500 Index.

The securities discussed herein are held by the Poppe family account (the “Portfolio”) that serves as GCAM’s model portfolio as of the date of this interview. The Portfolio is managed in accordance with the investment strategy that GCAM employs for its client accounts, however the performance of a client account may differ from that of the Portfolio due to account size, client-specific guidelines or restrictions, tax considerations, cash flows into and out of the account and timing of transactions and other factors.

The Portfolio’s top 10 holdings (as a percentage of the value of the Portfolio’s total assets) as of December 31, 2022 were: Progressive Corporation (7.4%); Charles Schwab Corporation (7.0%); Alphabet Inc. Class A (6.9%); Arista Networks Inc. (6.7%); Constellation Software Inc. (6.1%); HEICO Corporation (5.2%); Five Below (4.9%); Carmax Inc. (4.7%); Berkshire Hathaway Class B (4.6%); Credit Acceptance Corp. (4.4%). The Portfolio’s holdings are subject to change without notice. Information about the Portfolio’s returns can be found at www.givernycam.com/performance.

Past performance is not necessarily indicative of future results.

The S&P 500 Index is an unmanaged capitalization-weighted index of the common stocks of 500 major U.S. companies. The Index does not incur expenses and is not available for investment.

GCAM and its affiliates may have positions in, and may conduct transactions in, the securities discussed herein.

All investments involve risk and may lose value. For a discussion of risks, please see Item 8 of GCAM’s Form ADV Brochure.

Certain statements herein are “forward looking statements.” Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward- looking statements. Readers should carefully consider such factors. Forward-looking statements speak only as of the date on which such statements are made; GCAM undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

ETF Conversions Series: Part 3 - SMAs & Private Fund Conversion Considerations

Seward & Kissel LLP — Mon, 28 Feb 2022 15:26:00 +0000

Seward & Kissel’s most recent Market Moments episodes include a 3-part series during which Paul Miller, a partner in the Firm’s Investment Management group, speaks with Alexandra Alberstadt, counsel in the investment management group, about high-level considerations for investment advisers considering converting their products to exchange-traded funds (ETFs).

In Part 3, Alex and Paul discuss the steps required for private fund and SMA managers to convert, governance considerations and transparent vs. non-transparent vehicles.

ETF Conversions Series: Part 2 - The Current Conversion Environment

Seward & Kissel LLP — Mon, 28 Feb 2022 15:24:00 +0000

In Part 2, Alex and Paul discuss the current ETF conversion landscape, recent innovations in the industry and other legal and operational considerations.

ETF Conversions Series: Part 1 - Why Convert?

Seward & Kissel LLP — Mon, 28 Feb 2022 15:18:00 +0000

In Part 1, Alex and Paul discuss why ETFs are so appealing to investors and many of the issues for an adviser to consider in converting a mutual fund or other product.

Bob Dorsey - retired Vice Chairman and Co-Founder, Ultimus Fund Solutions

Seward & Kissel LLP — Sat, 09 Oct 2021 00:02:00 +0000

In Seward & Kissel’s most recent Market Moments conversation, Paul Miller speaks with Bob Dorsey, retired Vice Chairman and Co-Founder of Ultimus Fund Solutions. In this 17-minute discussion, Bob provides his insights on:

distribution developments in the registered funds space, (2:28)
the impact of technological developments in facilitating the growth of registered funds and ETFs, (5:27)
legal and regulatory developments of the last quarter century, (8:38)
the lasting impact of Covid-19, (11:45)
and where he sees the industry heading in the future. (13:25)

Market Moments - ETF Trends & Developments

Seward & Kissel LLP — Tue, 29 Jun 2021 23:14:00 +0000

In this episode of Market Moments partner Paul Miller speaks with Counsel Chris Carlson about recent Exchange Traded Fund (ETF) trends and developments. In this 11-minute episode, Paul and Chris discuss:

Recent developments in the ETF industry (:40–1:22)
Conversions of mutual funds into ETFs (1:23-2:13
How a mutual fund sponsor can convert a fund into an ETF (2:14-5:14
Semi-transparent ETFs (5:15 – 8:48
Current outlook for the SEC's treatment of cryptocurrencies in ETFs (8:49 – 10:27)

*The discussion in this podcast is for informational purposes only and is not intended and should not be considered to be legal advice, and no attorney-client relationship is being created by this podcast. Attorney advertising.