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Bob Rodriguez: “2013, Most Critical Year in Last 80”

Posted by Larry Doyle on October 18th, 2012 8:32 AM |

When First Pacific Advisors’ Bob Rodriguez talks, I listen.

Rodriguez is a perennial all-star when it comes to investing, analyzing the markets, studying the economy, and taking the pulse of the Federal Reserve.  Unmoved by the daily waves in the market, Rodriguez maintains the courage of his convictions in studying the macro-level shifts in our economic “tectonic plates.”

In point of fact, Rodriguez is truly playing on a different field than virtually every other  money manager. Why does he think 2013 will be the most critical year for investors in the last 80? Take the 6 minutes to watch, listen, and learn from a recent CNBC interview with the best of the best, Bob Rodriguez. (more…)

Bob Rodriguez: The Best Fund Manager of Our Time

Posted by Larry Doyle on December 1st, 2009 11:53 AM |

Listening to and learning from the best makes life worth living. The wisdom proffered by giants within their fields is the equivalent of a fabulous dining experience. Well, on that note, get ready to sip of the finest wine and savor the best steak that the financial industry has to offer. What chef is preparing our meal? The best in the business, an Economic All-Star here at Sense on Cents, none other than First Pacific Advisors’ Bob Rodriguez.

Our dining experience with Mr. Rodriguez last June 1st was nothing short of spectacular as he regaled us with his treatise, Reflections and Outrage. Bring your appetite again as Rodriguez was recently interviewed by Consuelo Mack.

Why do I think so highly of Bob Rodriguez? His life story resonates with me. I relish his emphasis on integrity, discipline, balance, history, prudent risk, and differentiating oneself.

This clip runs for 25 minutes. If we embrace the wisdom offered by Bob Rodriguez, the lessons can last a lifetime.

High five to MC for sharing this clip. Please share your thoughts on Mr. Rodriguez’s perspectives. If you like what you taste, in the season of giving, please share it with friends and colleagues. They’ll thank you.


Press Release: Madoff Investors Accuse SIPC of Forcing Investors to Bail Out Wall Street

Posted by Larry Doyle on November 14th, 2009 2:07 PM |

Having interviewed noted attorney Helen Davis Chaitman on No Quarter Radio’s Sense on Cents with Larry Doyle on November 1st (a recording of that show can be heard here), I am compelled to share this press release. Investors need to fully understand and appreciate the critically important role that SIPC is supposed to fulfill and the fact that it has largely served at the behest of the industry much like its regulatory brethren at FINRA.



Group of Madoff victims files brief saying Securities Investment Protection Corp. was grossly under funded and is defaulting on its obligations to investors

New York, NY – Lawyers representing victims of Bernie Madoff’s Ponzi scheme filed papers in federal bankruptcy court Friday charging the Securities Investment Protection Commission (SIPC) with attempting to enrich Wall Street at the expense of customers of SEC-regulated broker/dealers. The brief argues that SIPC has withheld insurance money rightfully owed to Madoff investors by using an illegal definition of “net equity,” thereby depriving investors of the $500,000 in SIPC insurance which Wall Street is obligated to pay them.

“Just as American taxpayers were required to bail out Wall Street to the tune of hundreds of billions of dollars after Wall Street recklessly brought the global economy to its knees, so to, Madoff’s destitute customers are being forced to bail out SIPC,” the brief reads. (more…)

“Reflections and Outrage” by Robert Rodriguez: Strongly Recommended Reading

Posted by Larry Doyle on June 1st, 2009 5:00 AM |

Bob Rodriguez, Partner and Chief Executive Officer of First Pacific Advisors, delivered the keynote address the end of last week at the Morningstar Investment Management Conference.

Mr. Rodriguez is a 35 year veteran in the financial industry and a Morningstar Manager of the Year three times. In my humble opinion, there are none better in the industry today. As I referenced on NQR’s Sense on Cents with Larry Doyle last evening, I totally concur and feel strongly about Mr. Rodriguez’s powerful pearls of wisdom. I beseech you to read this address, save it, read it again, and share it with your colleagues!

Allow me to comment and highlight Mr. Rodriguez’s major focal points. Mr. Rodriguez addresses every major issue in our financial world today. He layers those issues on top of the potential social impact our country faces. Mr. Rodriguez is not bashful in highlighting that our day of reckoning is upon us. I have read this piece three different times. I am more impressed and in greater agreement with his assertions after each reading.

Rodriguez addresses the following:

1. the need for personal and professional discipline and integrity

2. he recounts an experience in which he was solicited to “pay to play” by his biggest account . . . he passed and never regretted it

3. he castigates the financial industry for its performance over the last few years (be mindful he delivered this speech to an audience of financial managers!!)

4. he talks about how and why he has made a major shift into energy stocks within his fund!!

5. the changing nature of the markets and the global economies.

6. he rails on Alan Greenspan

7. Rodriguez offers, “my trust has been severely shaken in the Federal Reserve, the Treasury, the Congress, and the Executive Branch of government…”

8. “the regulatory agencies and federal government were complicit in laying the groundwork that allowed many of these credit excesses to develop prior to this economic crisis.”

9. he addresses the horrendous business practices being promoted by GMAC.

10. the positive economic impact of the Stimulus will be offset by ongoing reduction in consumer spending.

11. “we have to be careful about what is meant by sacrifice . . . a democratic government is the only one in which those who vote for a tax can escape the obligation to pay for it.”

12. Rodriguez’s outlook on the market:

   — we are currently experiencing a bear market rally

   — corporate earnings will disappoint

   — the stock market overall will be price constrained for TEN YEARS

   — “I view the Treasury market as being in a bubble territory with foolish leaders at the helm.”

   — the bulk of the economy’s credit problems are still to come as charge-offs on trillions of dollars in loans remain to be recognized.

Reflections and Outrage
by Mr. Robert Rodriguez
Partner and Chief Executive Officer First Pacific Advisors



Let’s Meet the 2008 Bond Manager of the Year

Posted by Larry Doyle on April 8th, 2009 3:09 PM |

One of our Economic All-Stars is Bob Rodriguez of First Pacific Advisors. In the spirit of being totally equitable, I should have also posted Tom Atteberry’s name next to Bob’s. Bob and Tom were jointly named 2008 Morningstar Fixed Income Managers of the Year.

Bob is currently taking a leave of absence from First Pacific but Tom is equally outstanding. I had the pleasure of making his acquaintance while I worked at JP Morgan. Tom Atteberry is a pro’s pro. He spoke to Bloomberg earlier today and made these comments, which I took in longhand, so I am not quoting but I listened very carefully. Tom opined:

1. The current environment is the worst time to get into bonds. Why?

2. The creditworthiness of individuals and companies across the economy will only get worse from here and that deteriorating credit is not currently priced into the market.

3. U. S. government debt (Treasuries) represent NO value at current levels. If a fair expected rate of return is between 2-3% and a longer term rate of inflation is also between 2-3%, the rate on a 10 yr. maturity Treasury note should be in the vicinity of 5%. That note is currently trading at 2.85%. Don’t overpay for an asset just because somebody else is, in this case the Federal Reserve. (more…)

The Truth May Hurt…

Posted by Larry Doyle on March 10th, 2009 11:19 AM |

I very much appreciate reading material written by people whom I perceive as having no agenda. I have tried to bring people like this (including Ray Dalio, Paul Keating, Bob Rodriguez, Steve Rehm, Kevin Doyle, Vaclav Klaus, and many others) to Sense on Cents because I firmly believe we all become more educated and informed in the process. Please let me know if and when you perceive me, any of the pieces to which I link, or radio guests on NQR’s Sense on Cents as not dealing totally in the truth. Constructive criticism is always appreciated and will make for a better site.

Along with the aformentioned, I have also previously remarked on my high regard for John Mauldin, one of our Economic All-Stars. John himself possesses an insightful global perspective and has a circle of friends and confidantes that are simply off the charts.

In John’s weekly Outside the Box, he shares with us the perceptions of Michael E. Lewitt. Mr. Lewitt writes at length on topics we have covered here previously, but his level of detail and thoughtful analysis are well worth the read.

Topics covered include: (more…)

Economic/Market Highlights 1/5/09 . . . “Bad and Getting Worse”

Posted by Larry Doyle on January 6th, 2009 10:00 AM |

On the first real day of business after the holidays, I will tip my hat to PEBO and his economic team. Obama opened his press briefing this morning with his take that the economy is “bad and getting worse.” In deft fashion, he then caught almost everybody off guard by leading his proposed economic stimulus plan with focus on a significant level of tax cuts and tax credits. In my opinion, this was a very, very strong first move. Well done, Barack!!

The general outline of these cuts and credits include:

1. tax cuts for those paying taxes or with an earned-income credit. Likely for families earning up to 200k, although that is not yet defined.

2. businesses can retroactively reduce tax bills going back 5 years by writing off losses from 2008 and 2009.

3. offer tax credits to entice firms to plow money back into new investments.

4. provide a one year tax credit for companies that make new hires or forego layoffs.

5. increase write-offs for a wide array of expenditures for small business.


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