{"id":56370,"date":"2024-11-03T12:00:54","date_gmt":"2024-11-03T17:00:54","guid":{"rendered":"https:\/\/thedisciplinedinvestor.com\/blog\/?p=56370"},"modified":"2024-11-01T10:48:05","modified_gmt":"2024-11-01T14:48:05","slug":"tdi-podcast-fallacy-of-composition-893","status":"publish","type":"post","link":"https:\/\/thedisciplinedinvestor.com\/blog\/2024\/11\/03\/tdi-podcast-fallacy-of-composition-893\/","title":{"rendered":"TDI Podcast: Fallacy of Composition (#893)"},"content":{"rendered":"<p>Andrew and David discussed the financial industry, focusing on timeless topics and the role of Jeremy Grantham.<\/p>\n<p>In this episode, we also explored the challenges of valuing private equity investments, the importance of having a clear investment strategy, and the impact of government intervention in capital markets. A spirited discussion followed about our contrasting views on China and Japan, and discussed the current state of the economy, particularly focusing on inflation and the actions of the Federal Reserve.<\/p>\n<p>Guest: David Salem &#8211; HedgeEye<\/p>\n<p><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/the-disciplined-investor\/id217999782\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-54929 size-medium\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2021\/10\/ApplePodcasts-300x100.png\" alt=\"TDI Podcast on Apple Podcasts\" width=\"300\" height=\"100\" srcset=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2021\/10\/ApplePodcasts-300x100.png 300w, https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2021\/10\/ApplePodcasts-610x204.png 610w, https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2021\/10\/ApplePodcasts.png 677w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><!--more--><\/p>\n<hr \/>\n<p><strong>David Salem, Managing Director \u2013 Capital Allocation @ <a href=\"https:\/\/app.hedgeye.com\/?\" target=\"_blank\" rel=\"noopener\">Hedgeye<\/a><\/strong><\/p>\n<p>Prior to joining <a href=\"https:\/\/app.hedgeye.com\/?\" target=\"_blank\" rel=\"noopener\">Hedgeye<\/a> in early 2023, David served as founding President and Chief Investment Officer of The Investment Fund for Foundations (TIFF) and as a partner at GMO, working closely with Jeremy Grantham on investment solutions for large institutional funds.<\/p>\n<p>David received a JD <em>cum laude<\/em> from Harvard Law School and an MBA with high distinction from Harvard Business School, where he was elected a Baker Scholar. A member of the District of Columbia Bar, David has held adjunct faculty positions at Middlebury College, from which he earned his undergraduate degree <em>summa cum laude<\/em>, and the University of Virginia, and served in the White House Counsel\u2019s office while enrolled at Harvard.<\/p>\n<p>David&#8217;s has given talks at many colleges and universities, including Dartmouth, Duke, Harvard, MIT, Middlebury, Northwestern, and Oxford, and at conferences organized by the Association of Governing Boards, the CFA Institute, the Council on Foundations, the Foundation Financial Officers Group and NACUBO among other organizations.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><strong>Check this out and find out more at: <a href=\"https:\/\/www.interactivebrokers.com\/\">http:\/\/www.interactivebrokers.com\/<\/a><\/strong><a href=\"https:\/\/www.interactivebrokers.com\/mkt\/?src=tdi1&amp;url=%2Fen%2Findex.php%3Ff%3D1338\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-54327\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2020\/12\/InteractiveBrokers_logo1-e1607262448146.jpg\" alt=\"Interactive Brokers - Why IB?\" width=\"393\" height=\"87\" \/><\/a><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2024\/09\/KnightCharts2024.pdf\" target=\"_blank\" rel=\"noopener\">CHARTS DISCUSSED IN THIS EPISODE<\/a><\/strong><\/p>\n<p style=\"text-align: center;\"><a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/andrewhorowitz\" data-size=\"large\" data-show-count=\"false\">Follow @andrewhorowitz<\/a><script async=\"\" src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><strong>Looking for style diversification?<\/strong> More information on the TDI Managed Growth Strategy &#8211; <strong><a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/tdi-strategy\/\">HERE<\/a><\/strong><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Stocks mentioned in this episode: (META), (AAPL), (NVDA), (MSFT)<\/p>\n<div class=\"powerpress_player\" id=\"powerpress_player_4485\"><a href=\"https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3\" title=\"Play\" onclick=\"return powerpress_embed_html5a('4485','https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3');\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/powerpress\/TDI_PlayPodcast-679.png\" title=\"Play\" alt=\"Play\" style=\"border:0;\" \/><\/a><\/div>\n<p class=\"powerpress_links powerpress_links_mp3\" style=\"margin-bottom: 1px !important;\">Podcast: <a href=\"https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3\" class=\"powerpress_link_pinw\" target=\"_blank\" title=\"Play in new window\" onclick=\"return powerpress_pinw('https:\/\/thedisciplinedinvestor.com\/blog\/?powerpress_pinw=56370-podcast');\" rel=\"nofollow\">Play in new window<\/a> | <a href=\"https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3\" class=\"powerpress_link_d\" title=\"Download\" rel=\"nofollow\" download=\"tdi_episode893.mp3\">Download<\/a> (Duration: 1:10:44 &#8212; 65.1MB)<\/p><p class=\"powerpress_links powerpress_subscribe_links\">Subscribe: <a href=\"https:\/\/open.spotify.com\/show\/5vtvEVDPUi4221imwhXyXt\" class=\"powerpress_link_subscribe powerpress_link_subscribe_spotify\" target=\"_blank\" title=\"Subscribe on Spotify\" rel=\"nofollow\">Spotify<\/a> | <a href=\"https:\/\/tunein.com\/podcasts\/Markets-and-Investing\/The-Disciplined-Investor-p414586\/\" class=\"powerpress_link_subscribe powerpress_link_subscribe_tunein\" target=\"_blank\" title=\"Subscribe on TuneIn\" rel=\"nofollow\">TuneIn<\/a> | <a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/feed\/podcast\/\" class=\"powerpress_link_subscribe powerpress_link_subscribe_rss\" target=\"_blank\" title=\"Subscribe via RSS\" rel=\"nofollow\">RSS<\/a> | <a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/subscribe-to-podcast\/\" class=\"powerpress_link_subscribe powerpress_link_subscribe_more\" target=\"_blank\" title=\"More\" rel=\"nofollow\">More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Andrew and David discussed the financial industry, focusing on timeless topics and the role of Jeremy Grantham. In this episode, we also explored the challenges of valuing private equity investments, the importance of having a clear investment strategy, and the impact of government intervention in capital markets. A spirited discussion followed about our contrasting views [&hellip;]<\/p>\n<div class=\"powerpress_player\" id=\"powerpress_player_4486\"><a href=\"https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3\" title=\"Play\" onclick=\"return powerpress_embed_html5a('4486','https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3');\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/powerpress\/TDI_PlayPodcast-679.png\" title=\"Play\" alt=\"Play\" style=\"border:0;\" \/><\/a><\/div>\n<p class=\"powerpress_links powerpress_links_mp3\" style=\"margin-bottom: 1px !important;\">Podcast: <a href=\"https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3\" class=\"powerpress_link_pinw\" target=\"_blank\" title=\"Play in new window\" onclick=\"return powerpress_pinw('https:\/\/thedisciplinedinvestor.com\/blog\/?powerpress_pinw=56370-podcast');\" rel=\"nofollow\">Play in new window<\/a> | <a href=\"https:\/\/media.blubrry.com\/tdi_podcast\/thedisciplinedinvestor.com\/blog\/podcasts\/tdi_episode893.mp3\" class=\"powerpress_link_d\" title=\"Download\" rel=\"nofollow\" download=\"tdi_episode893.mp3\">Download<\/a> (Duration: 1:10:44 &#8212; 65.1MB)<\/p><p class=\"powerpress_links powerpress_subscribe_links\">Subscribe: <a href=\"https:\/\/open.spotify.com\/show\/5vtvEVDPUi4221imwhXyXt\" class=\"powerpress_link_subscribe powerpress_link_subscribe_spotify\" target=\"_blank\" title=\"Subscribe on Spotify\" rel=\"nofollow\">Spotify<\/a> | <a href=\"https:\/\/tunein.com\/podcasts\/Markets-and-Investing\/The-Disciplined-Investor-p414586\/\" class=\"powerpress_link_subscribe powerpress_link_subscribe_tunein\" target=\"_blank\" title=\"Subscribe on TuneIn\" rel=\"nofollow\">TuneIn<\/a> | <a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/feed\/podcast\/\" class=\"powerpress_link_subscribe powerpress_link_subscribe_rss\" target=\"_blank\" title=\"Subscribe via RSS\" rel=\"nofollow\">RSS<\/a> | <a href=\"https:\/\/thedisciplinedinvestor.com\/blog\/subscribe-to-podcast\/\" class=\"powerpress_link_subscribe powerpress_link_subscribe_more\" target=\"_blank\" title=\"More\" rel=\"nofollow\">More<\/a><\/p>","protected":false},"author":1,"featured_media":56372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9,296],"tags":[482,297],"class_list":["post-56370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-shownotes","tag-podcasts","tag-show-notes","et-has-post-format-content","et_post_format-et-post-format-standard"],"acf":[],"_links":{"self":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/56370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/comments?post=56370"}],"version-history":[{"count":4,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/56370\/revisions"}],"predecessor-version":[{"id":56383,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/56370\/revisions\/56383"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media\/56372"}],"wp:attachment":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media?parent=56370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/categories?post=56370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/tags?post=56370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}