What To Do when Market Fundamentals are Undeniably Out The Door with David Young

What To Do when Market Fundamentals are Undeniably Out The Door with David Young

David Young is the Founder and Chief Executive Officer of Anfield Capital Management, LLC. With over 30 years of investment experience, David has worked with many of the largest and most sophisticated institutional and private investors in investment strategy, portfolio management, and asset allocation.  

At the end of 2008, he retired as Executive Vice President with Pacific Investment Management Company to rejoin the U.C. Irvine Merage School of Business as Adjunct Professor of Finance, and create Anfield Capital Management, LLC.  From 1999 to 2006, David was head of PIMCO’s account management group in London where he built a team of 25 investment professionals managing over 200 client accounts and approximately $50 billion in assets across the UK, Europe, the Middle East, and Africa.

 

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What To Do when Market Fundamentals are Undeniably Out The Door with David Young

 

Brett:

I’m excited about our next guest. He’s a repeat guest. He is the CEO and founder of Anfield Capital Management LLC located in Southern California. With over 30 years of investment experience, he’s worked with many of the largest and most sophisticated institutional and private investors in investment strategy, portfolio management, and asset allocation. At the end of 2008, he retired as Executive Vice President, with Pacific Investment Management Company, known as PIMCO, rejoined the U.C. Irvine Merage School of Business as an adjunct professor of finance. From 1999 to 2006. David was head of PIMCO, his account management group in London, where he built a team of 25 investment professionals managing over 200 client accounts and approximately 50 billion in assets across the UK, Europe, Middle East, and Africa. Please welcome to the show with me, David Young. David, how you doing today?

David:

Doing great. Great, Brett, thanks for having me on again.

Brett:

Excellent. Yes. Thanks so much for being here. And for those again, who are just learning about you for the first time, it became the 62nd version, because we did have the first episode where David dives in but give the second 62nd version and we’ll dive right into the topic today, which is this what to do when market fundamentals are undeniably out the door. And in particular, talking about the GameStop recent in the news and some of the market fundamentals. But let’s start with your story first, David?

David:

Sure, yeah, we can be brief and hit the high points. I’m actually like many young folks is coming out of college didn’t really know what I wanted to do. I had a degree in Economics and Political Science, just because I was really interested in them. And that was kind of a passion. ended up getting a job. It was actually Rockwell International. This is way back when there was a Rockwell International. And it was working in the finance department. And you know, I got the job through a friend and all that. And it was a great place to start. And this is during the mid-80s. Yes, I am that old. And you know, the bull market of the 80s was well underway. And I decided to leave and go to Smith Barney, Harris Upham & Co. It’s one of these old venerable names on Wall Street. It’s been bought and sold and names change a number of times but went to Smith Barney that was in the mid-80s. Left after actually the market crash in ‘87. Went back to business school, I got an MBA, and I really had decided then that investments and portfolio management money management were my true calling, left to join a small investment boutique. And then, you know, from there found my way on to PIMCO Pacific Investment Management Company. And it was a great experience, both here in the US and abroad, and came back after, it must have been sort of 2006, 2007, if I recall. And, you know, few years in the home office and decided that it was time to leave, and some folks came and join me and started Anfield Capital Management back then. And it was really about taking that institutional quality of investment management, making it available to financial intermediaries, wealth managers, and others. And, and yeah, just being able to spend more of every day doing the things we really like to do, and less of every day, doing the things that you know, just had to do so.

Brett:

Absolutely. And that journey somewhere, right? Yeah, well said. And for those who don’t know, Capital Gains Tax Solutions offer with the deferred sales trust and Anfield Capital has signed a strategic alliance with the Estate Planning Team, which Capital Gains Tax, which is a member of and as a team, we all help you execute on a deferred sales trust or help your clients do the same. And that’s the beauty of what Robert Pink has been able to do with the Estate Planning Team and what we try to achieve with David Young and his team at Anfield Capital, and then us, as the trustee of the deferred sales trust, to help you map out a wealth plan and maybe mitigate risk and make sense of, you know, tax and investments and all these things. Before we dive into that though, I want to talk about today’s topic, which is what to do when market fundamentals are undeniably out the door. And so David recently wrote an article. It says “what’s a GameStop?” And so David, tell us what’s going on with GameStop, some of the mechanics of what’s happening right now in the world of post-COVID-19, and walk us through, you know, some smart decisions to make here moving forward.

 

What To Do when Market Fundamentals are Undeniably Out The Door with David Young

What To Do when Market Fundamentals are Undeniably Out The Door: “Before you start trying to work out which direction the property market is headed, you should be aware that there are markets within markets.”-Paul Clitheroe

 

David:

Yeah, happy to do so, Brett. I think so a lot of people came back. Oh, you spelled Game Stop wrong. They didn’t get it? I guess. So that was not my title. By the way, we have some folks here who are under the age of, you know, 35, 48? Should they have discovered that they think a little differently than we do? So they came up with that one. But um, yeah, so what would they say about GameStop? And we can talk a little bit about the overall.

Brett:

Let’s talk about what happened. Let’s dive into that.

David:

Here’s what I would say, short selling is very common. If you sell a stock that you don’t yourself own, which is perfectly okay, then the bet is that it will go down, and you will be able, right, and then you’ll deliver the stock, right? You know, at, you would have sold it at the higher price, we’ll deliver it at the lower price in the middle, someone’s got to borrow the stock to complete that transaction, you may not know that your broker Charles Schwab or whoever does that. So without getting too much into that the point of short selling is not new or different. It’s been around for a very long time, even as far back as probably grain and, and then and, you know, and meat futures and frozen orange juice, who knows how far back short squeezes when one side realizes that there’s a tremendous short interest, right, and they’re going to start buying up the stop stock, forcing the hand of the other side to kind of capitulate, to exit the trade under a very distressed and you know, much less than ideal circumstances, not new happens all the time. This was different, though, because we had a couple of additional forces going on. 

Number one, we have a situation where it was much more public than ever before. Normally, this is an insider is big money hedge fund institutional pension fund money manager thing and like, please, who wants to hear about that? Right? It’s boring enough. Number two, it was different because you had this accelerator of a form of social media, Reddit, and other online information sources coming together with a very easy low hurdle, easily accessible avenue, and this is Robin Hood. And we’ll just I don’t want to pick on anybody here by names. These are only examples, right? But you had an easily accessible way to do something about it. And by the way, all of those trades are not free. Your data is being sold, and it’s being sold to the other side of the trade. Who else would want to buy it? So beware, in this modern era, you’re the client, but you’re also the product? I think we’ve all learned that over the last 5 or 10 years or two years if we didn’t know it before. So always ask yourself, am I the product or the client and you are oftentimes both. And so you had that as an accelerator, you also had a low-interest-rate environment, a very low-interest-rate environment whereby normally what happens is the big boys pardon the use of the masculine, right, you know what I mean? Right? They have access to leverage and they can magnify their decisions because they can borrow very, very cheaply, or inexpensively. Well, now through places like Robin Hood and other places with the low-interest-rate environment, the other side of the trade could also borrow at a very low rate. And so you had this wide access combined with social media, combined with low-interest rates, which means it was a leveraged trade on both sides were levered. Usually, the pros are levered. And the non-pros are not levered. Right. So both sides of the trade were levered. And I would argue even actually further leveraged, right, just gearing up ginning up magnifying of what you were trying to do, by the fact that, you know, we’ve never had social media, it’s kind of like the hedge funds, and the big institutional fund managers and those who speculate, you know, coming face to face with the social media phenomenon coming into as a leveraging factor, right, maybe even balancing the scales a little bit coming into what had otherwise been really the purview of the institutional money manager and the pro money manager, interesting set of dynamics, probably not the first time that will happen. The transaction is not new or different or special. That happens all the time. But you had all these factors hitting at one time. But I think what’s more important is some of the lessons we can take from it when we take a big step back and then put it into the bigger picture.

Brett:

Yes, so much there. And I think that’s so interesting. You said the data selling to the other side and being the product versus being the client. So be very cautious of that. But its implications are, and correct me if I’m wrong, maybe I’m missing it. But it’s almost like I have my cards here, right? And my cards are, you know, maybe two aces, but also maybe no aces, right? And I got five cards and I don’t have a hand, or what, what if what you’re saying and correct, are wrong. He’s basically you’re showing that those cards and the other side get to review that. Is that a fair summary? Am I missing that David?

David:

Not 100%. We want to be careful here. We’re not trying to say there’s any insider access special this at the other one side had untoward knowledge. It’s not the inside information. It’s we’re not making any of the leveling any of those accusations. But um, but you know, data about, you know, as with everything, we’ve all seen it. First, I didn’t figure it out. I’m online, it’s a Saturday morning, I’m shopping for tennis shoes, and I find a nice pair and I buy them and then I’m happy. And then every time I go online to look for anything, a sports score the weather, I get advertisements about tennis shoes, it’s magic, it’s almost like the weather channel knew that I just got tennis shoes, and it was telling me to go outside in my new tennis shoes. Now we all know what’s happening, right? So we’re on in that game. So it’s not totally different. I’m not trying to say that, that you know, every single trade you made was sent immediately to the other team, right? Like they’re signaling your trades. It’s not like that. But these folks are very, very smart. They have really, really big computers. And they’re crunching all this profile data, like who’s on these online, trading these, you know, some sense of different trading patterns. So there’s information content in there, no doubt.

Brett:

Yeah, you’ll be careful about that. So thanks for sharing that. And then the other side about leveraging a part of its infrastructure so low, which is creating perhaps even a more of a perfect storm for these types of environments. So touch on interest rates. And I’ve added to the topic, which is, what do you do when the market fundamentals are undeniably out the door?

David:

I think it’s, it’s really all scrunched down. And I, this probably isn’t my term, I probably heard it or read it somewhere, and it stuck in my head. And so I will credit the source. But I don’t remember who it is. It’s the best I can do. But it really feels like, you know, this is sort of the great disconnect. We heard about the great financial crisis, and there were discussions of the great liquidity. And, you know, way back when we talked about the great inflation, and you know, and then there was the great COVID market meltdown. Well, this is kind of like the great, the great financial disconnect, right? The real economy is doing one thing, the asset, investable, stocks and bonds economy’s doing another thing, they seem to be doing things very, very differently. I think there are some reasons why we can talk about that. But it’s really about an environment where there’s, it’s unclear how much damage has been done to the underlying real economy, yet, there’s been tremendous jobs and get up on a Saturday go to, you know, go to Costco work all week, you know, that one, right, the real economy that we operate in every day, then there’s this big financial system and financial economy, they seem to be very much out of sync one, the financial economy is just floating on a gigantic pool of liquidity, more liquidity coming out with additional stimulus and additional, you know, keeping low-interest rates low. It’s like an asset pump that pumps up, you know, asset values, because money so cheap, you can just borrow and lever. And so you have these two different dynamics, the real economy and the financial economy doing different things at different times. And I think the real friction is that you know, with central bankers wanting to and needing to, and by the way, it’s the right policy, keep interest rates artificially low, as part of helping to heal the real economy. The problem is if the real economy doesn’t consume that low cost, money, that liquidity and turn it into some productive benefit, then what you end up happening is the money spilling over into the financial economy and pushing up GameStop or Tesla or Bitcoin, or stocks in general. And so this is a concern because bubbles can be formed. It’s also a concern because normally, we look at fixed income and bonds and debt instruments as being a safe harbor. But with rates having been so low for so long, money spilling out of the real economy into the financial economy, really pumping up the financial economy, stocks taking off. It’s very hard to know what to do in a portfolio, especially if you want to have you know, fairly low or medium-risk exposure. The normal, safer, safer, not safe, the safer harbor of bonds, you could argue is actually quite risky. We’ve seen interest rates popped up in the last, you know, week or so 15-20 basis points, it’s, you know, 0.15% – 0.2%. It’s not a big number, yet bonds go down 1%. I mean, like that flash. So that’s kind of the great conundrum, if I may, after this great disconnect between the financial and real economy, and I think it’s gonna be with us for a while, we get

Brett:

So much there, I think you could write a whole dissertation on that. Now, I want to focus like a laser on the deferred sales trust and just the value of the DST in times like this, you know, given everything you just said, with the real economy versus in, you know, sports spilling over to the financial economy if I’m a high net worth individual, let’s say owns a high-end primary home or business and a highly appreciated manner, right, and my assets are tied to that, you know, what is the value of the deferred sales trust in times like this?

David:

You know, there are two things that immediately come to mind. The first thing is, is the obvious one, and Brett, you’re probably as much if not more of an expert on this than I am, which is that initial, you know, resetting of the taxable basis, and the original mechanics that make a deferred sales trust what it is, and, and that’s about realizing a transaction without having to realize the full impact of any capital gain, you know, at the moment of the transaction. And you can layer in there a little bit if you want to, from my perspective, in the pure investment management perspective, at this point in time, the most powerful aspect is, it’s probably none of the things it’d be a good multiple-choice or a good question here, probably none of the things that immediately come to mind to your listeners or viewers. But in my opinion, when the immediate and near-term future is so uncertain, the most valuable aspect of that wrapper, if you will, that transactional wrapper of the deferred sales trust is that it gives you time and time is precious, when it comes to investing. It is oftentimes the most important single determinant of the outcome is whether or not you have time to be patient. Maybe accept some lower returns now, especially on the fixed income side, wait live to fight another day, right. But that wrapper gives you time, it insulates the assets, not completely, it is still going up and down, right? But the taxable impact of them going up and down isn’t a waiver of volatility you’ll feel every day. So what a luxury at a time, like now, with so much uncertainty, to have that nice big, cushy, insulating wrapper of the deferred sales trust vehicle, it allows me to look at these assets, we manage a lot of them and say, and not have our hand forced to react today. What we want to do is wait for better information tomorrow. And it allows us to do that, is that helpful?

Brett:

It’s very helpful. It unlocks the ability to build a foundation of patience. And I think in our last interview, we talked about having certainty and conviction on whatever investments you’re going to be going into, right. And what and part of that would be the next layer is to have patience on that certainty. And if I’m hearing your route, you’re saying that DST is kind of like the key to helping unlock that, right? Because you’re going to be able to sell it say, one single asset that’s highly appreciated. Or you’re in a business sector, or you’re in cryptocurrency, or highly appreciated public stock, you know, that’s so high, capture all of that, move it to the sidelines in this position where it can be patient money, diversified, fixed income, conservative, you know, sit in the bank for some time, right? I’ve had some clients in the bank for months, we give them some options, but we give, you know, we say, hey, look, you can sit and be patient to write. Is that a fair summary of what you just said?

David:

It’s funny because I almost finished but then you were saying laser. And as we know, I don’t always go laser, as many lasers. And so I didn’t add it. But I almost said the benefit, the actual impact of that is it gives me the opportunity to identify and take those high conviction positions, and wait for the investment thesis to play out. Remember the number one skip most scarce ingredient in investing nowadays amongst the pros, in my opinion, and the novice investors are patient. And sometimes we don’t get to have patience. But the DST allows us the option of patience. And then it’s what do we do with it? And I say we risk, we reach higher conviction investment themes. We put them in place, and goodness gracious, can we just let him play out.

Brett:

100% I can’t say that better. And honestly, that’s why I started the company Capital Gains Tax Solutions because, in 2006, we had a high conviction position that it was time to sell in the marketplace was highly appreciated. And it didn’t make a lot of sense for investment, real estate owners to 1031 and double down on all of their wealth they built and take on all this debt and be forced into a call to a shotgun wedding via the 1031. And sure enough, we knew that you know, we knew the Titanic was heading for something, but they felt they had no other option. So I mean, there was a rare few who sold high and just paid the tax. But a lot of folks, let’s say that 80%, just went for the 1031. And they said, it’s better than paying 30 to 50% in tax, but then they paid for it right. And we’re saying here with the deferred sales trust, it’s like a time machine. And that you can kind of freeze time, or you can freeze the market if you will sit, wait, be patient for that next opportunity, right? Whether it’s tomorrow, whether it’s 45 days, 181 days, maybe a couple of years from now, and then invest. And by the way, let’s not put all our eggs in one basket, let’s diversify. Let’s get multiple asset types in different dollar-cost averaging. And when you do that, it takes the pressure down and lowers your risk. And it helps you to create and preserve more wealth. Any thoughts on that, David?

David:

Yeah, I think everything you just said I agree with, I would actually add that it also lowers the cost of diversification. Because you can add a few different asset classes, a few more spices to the mix, if you will, that, at that very moment might not look especially attractive, because you’ve got now this luxury of an extended time horizon, which is so powerful. What we also see sometimes in periods like now is it doesn’t look logical for the portfolio that’s going to be measured in three months or even a year necessarily, to maybe have as much in fixed income as it should, on average over time. But if I can extend that time horizon, it frees up degrees of freedom. When I can pursue a little more diversification which in the end is probably the right thing to do. But might be very hard to see from sitting here right now. So I would just add that to what you said but otherwise, I totally agree. 

Brett:

Beautiful. Thank you. Now let’s talk about the estate tax, and some of the changes that are going on with the new Biden Administration, as far as you know, changing tax policies, which I think only further adds to this uncertainty in the future, right? You have there the COVID-19 still some you know, uncertainty there, you have political change that’s happening and the potential increases in tax and challenges there for businesses here and maybe a 12 to 13-year bull run in the marketplace. So now couple that with the baby boomers, and a lot of folks that are ultra-high net worth and have this estate tax, I think it’s 2025, it’s set to expire, meaning the 22 million exemption down to 12. If you’re married and then if you’re single from 12, down to six. So just talk about the legacy opportunity. In particular, the deferred sales trust, the ability to move it outside the taxable state, and what that looks like, just for someone like yourself, who’s worked with ultra-high net worth clients in the past?

David:

Yeah, that’s actually, um, you got me there a little bit. I haven’t had a chance to give that particular topic a lot of thought. You know, here’s what I would say, as an economist in a free market type. My first response is, you know, anytime, the government changes tax policy, whether it be, you know, for estate or capital gains, or any other sort of, especially investment-related tax policy, there’s always, first and foremost, there’s a bit of a mad dash and positioning to figure out what does that really mean, will actually really pass? It’s always a question, right? What does it actually really mean? Then I start to think about, you know, how does that distort because it’s typically always distortionary, anytime you, the government or anybody does anything to intercede anything to alter your normal rational decision making, and I think consumers and investors are really very rational with their own money. I’ve seen it time and time again, purely rational decision making, if you just leave a B, so then we get this distortion of rational decision making to try and get around or under over. And then I think we end up with just with, you know, typically pretty inefficient outcomes. So um, yeah, I wish I could give you a more precise answer if you wanted to.

Brett:

It’s kind of a long-winded question, too. And it’s a good answer based upon my long-winded question. And then it was just this, like, you know, and I’m not worth 250 million bucks, right? You know, far from that. And but if I were, and I’m saying okay, 100 and 125 is still inside the text will say I’ve been able to do some gifting. Somebody out, wow, you said I could sell these assets and move it outside the textbook state in one day. To me, I think that would be compelling, right. But I also not in their shoes, right. So just trying to grasp what that means. And then also the legacy to be able to give without having to do the force charitable giving, right? in control. And I said so I say control, I mean, your estate itself, to be able to, you know, move those funds to different causes you believe in? So I guess it’s kind of more of a, I don’t know, what would be a social concern question, right? a legacy play? I’m just curious about how you help your clients navigate that kind of thing?

David:

Yeah, well, here’s what we have seen, we’ve seen a lot of interest in Donor Advised funds, where we manage some of them, for some banks and trust companies and other groups. So Donor Advised, funds are a smart way to go, and you don’t have to be in that gigantic category. If you’re up in the bracket you were talking about, you can have your own Charitable Foundation, and you can, you know, have the whole process and you can target giving, I think estate planning becomes we could all agree on this. A far more important than it was before these tax changes, that goes without saying, I think finding the right professionals to give you guidance, and we’re shocked, sometimes we are not professionals in this area. But we see the pain that’s caused when people don’t pick the right, professional, it’s hard to do, I would encourage everybody to you know, really think very carefully there. Yet, we do tend to see the potential for an increase in giving or at least this kind of let’s give it maybe in a more efficient manner. So Donor Advised funds, Community Foundation’s or other groups that, you know, would bring in, you know, money in pools, and you can have some, some steering of the money and where am I go to a whole range of different causes, pre-vetted and overseen. And then I think it just speaks again to, you know, the need for something that, because who knows, there’s an election in how many months, 18, it’s not that far, but be campaigning in, you know, 12 months and not to get political. But if you ask my wife, she’s counting the days, then you might wonder why don’t wanna go there. But anyway, and so here’s the thing that makes it hard to who knows what, what will be in place in just 18 or 24 months from now. So it all seems very capricious, it all seems very sort of distortionary. And so I think, again, the power to if you have to make a transaction or want to make it use the right kind of structure, right, Brett and I just talked about some of them, by yourself that time that could well transcend the current tax policy. And in three or five years, we can have an entirely different, you know, set of policies say they can change and, you know, that could be reversed in no time. So, Brett, I hope that helped you

Brett:

That’s very helpful. With that being said, Are you ready for the lightning round?

David:

I’m ready for the lightning round. You have to ask me about a book. I read a book.

Brett:

The first question, David? What’s the number one book you’re reading or recommending right now?

What To Do when Market Fundamentals are Undeniably Out The Door with David Young

David:

And for those of you who’ve seen any of this before, it’s embarrassing, because the only books I read are these really gearhead. You know, finance and economics things. And you want to talk about sleep, ah, gee whiz. And so, after the last call, I said, I’ve got to find a real book that real people would want to read. I talked to some friends. They said, The Spy and the Traitor, so I got it. I read it. It’s called The Spy and The Traitor. It’s by Ben MacIntyre. He’s written a number of these kinds of books. And basically, it’s a true story. It’s a story of a Cold War-era, KGB agent named I hope I pronounced it properly, Oleg Gordievsky. You can Google, a fascinating individual. I don’t want to say too much more, because I’ll give it away. It’s one of those spy thriller spycraft. Lots of intrigue, lots of twists, that the author does a fantastic job of taking you back in time and making you feel like it was, you know, the 50s in the 60s in that era. And I think it’ll probably be made into a movie. I’ve already submitted my name for the dashing MI-6 agent. And I encourage everyone to go get it and read it.

 

Brett:

Second question: What are you curious about right now? Given again, I guess it’s kind of talked about already, what condition are you curious about with the new tax policy or new administration or work economy, given that we’re halfway through the first quarter now? 

David:

It is a lightning round, so I’ll be quick. We tend to watch 5, 6, 7 things that we think really matter, at least as it relates to, you know, this question of when will this bull market in investing in stocks end, and we don’t know when it’s going to end. But we know the recipe for economic expansion, the recipe for bull markets, and the recipe for an end, to those. And so right now we’re watching and I’m just going to read off a list here is six or seven things. It’s excessive valuations, which we’re seeing a bit of a switch, and investor sentiment, which we haven’t seen yet. But that would be an important micro-market failure so little failures of proper behavior and functioning in the market. Game stock. Sorry, right, GameStop, we saw that fed rate hikes not on the radar, steepening of the yield curve. So that’s the relationship between the short interest rate on short-term debt and medium and long-term debt, we’d be watching that asset bubble formation. And then, of course, the recession is number one and bull markets. And if I look down that panel, there are only one or two things that are red, these little micro-market failures will be one of them.

There are a couple of other items, which are in this sort of orange-yellow category like we’re watching. So far, so good. The preponderance of, of in that red, yellow, green light treatment, the preponderance of the indicators are green. So we think we hope we believe we don’t know, this is not investment advice, check with your financial professional, that, you know, we think 2021 could be a pretty good year for investors. That’s our view.

Brett:

Amazing. And I’m gonna have you back and we’ve got to maybe dive into two or three of those on the next episode because it’s just there’s so much meat on that bone that we’ve got to dive into for our listeners, but we’re running out of time. And so this is the last question. David, right now, give us an encouragement for investing. And maybe it’s wrapping up what you’ve kind of said, maybe give encouragement on the conviction part. In fact, you know, we touched on it briefly, but taking a high conviction position, what’s the number one tip to doing that, or practicing that habit for investors right now?

David:

Number one tip for high conviction. Hmm, interesting? Well, you see, we have, I think it would be, take your time, as you’re making decisions, take input from multiple sources, it’s hard work. And look at it from a number of different perspectives. The best shield, or the best remedy, for the risk of this kind of, you know, half sighted I didn’t really think it through is just to be the opposite. Take time, think through, look at it from a number of different perspectives and ask yourself if I’m investing in this, because I think it will go up, what has to happen for it to go up? And how realistic is that? And if you can’t answer that question, and get really comfortable with the answer, and maybe bounce it off a few people and now we have all these different ways to bounce ideas off people, then you’re probably missing something. And if it sounds too good to be true, it probably is maybe not right away, but in time it probably is. That’s how we get to high conviction.

Brett:

Amazing. Take your time, multiple sources, different perspectives critically think people make sure you’re thinking and not jumping into something too rash. That being said, David, I want to thank you for being on the show sharing so much wisdom again. With us, I want to encourage you to keep using the gifts and talents you’ve been given to be a blessing for financial advisors, by the way, who are looking for money managers because that’s really the business David said, go to anfieldcapital.com. He wants to be part of your dream team to help manage the money for you so you can spend the most time with your clients and maybe bigger pictures and he’s going to handle the micromanagement so you can find David at anfieldcapital.com and of course, our Deferred Sales Trust clients, we want to thank you for watching in and hearing this show, realize that Anfield Capital is a part of the option to manage the funds in the trust which is amazing to think about the amount of experience that David Young has Anfield and his team. That being said you’ve got capitalgainstaxsolutions.com to learn more about that. If you’re a business professional called experttaxsecrets.com to learn how to use deferred sales trust to grow your business with that. We appreciate everybody, be well and we’ll be in touch real soon. Bye now.

 

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About David Young

What To Do when Market Fundamentals are Undeniably Out The Door with David Young

David Young is the Founder and Chief Executive Officer of Anfield Capital Management, LLC. With over 30 years of investment experience, David has worked with many of the largest and most sophisticated institutional and private investors in investment strategy, portfolio management, and asset allocation.  At the end of 2008, he retired as Executive Vice President with Pacific Investment Management Company to rejoin the U.C. Irvine Merage School of Business as Adjunct Professor of Finance, and create Anfield Capital Management, LLC.  From 1999 to 2006, David was head of PIMCO’s account management group in London where he built a team of 25 investment professionals managing over 200 client accounts and approximately $50 billion in assets across the UK, Europe, the Middle East, and Africa.

David holds the Chartered Financial Analyst designation, an MBA with a concentration in finance from the Paul Merage School of Business at the University of California, Irvine, and degrees in Economics and Political Science from the University of California, Irvine. He has taught finance and investments courses at the Paul Merage School, the Financial Times Knowledge programs (UK), and CFA exam preparation courses sponsored by the CFA Society of Orange County, the USC / Los Angeles CFA Society, and the U.K. CFA societies.  Mr. Young sits on several non-profit Investment Committees and Boards of Directors including The County of Orange (California) Healthcare System “CalOptima.”

 

 

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