Tandem Talk

Tandem’s Investment Team reconvenes with Episode 23 of Tandem Talk! The big topic of this episode—the “death” of everything, as the AI Grim Reaper comes for us all. Haven’t we seen this sort of hype before? Tune in as we discuss why value isn’t really value anymore, the importance of fundamentals, adaptability of well-run businesses in different environments, and how, inevitably, the short-run becomes the long-run.

Tandem’s Investment Team returns with Episode 22 of Tandem Talk! Tune in as the team explores the powerful passive investing feedback loop that pushes market leaders higher, a self-fulfilling prophecy in its own right—until it reverses. They discuss how extreme concentration can distort performance, the puzzle that is AI-expenditure, and what these trends may signal in an increasingly unpredictable environment.

Tandem’s Investment Team returns with Episode 21 of Tandem Talk! This discussion can be summed up into four words: a tug of war. And it’s a tug on many levels—between the Administration and the Fed, between AI advances and the rest of the economy, a narrow market vs. a broadening market. Who will win the match?

The Investment Team is back with our 20th episode of Tandem Talk—this time with something completely different! Episode 20 marks five years of conversations around the table. If you’ve tuned in since the beginning, we thank you for your listenership and for bearing with us as we figured this whole podcast thing out (no more hour-long episodes!). In this episode, we dive into our mission here at Tandem – helping to keep clients invested through all markets, by providing a more consistent, more repeatable, and less volatile investment experience.

We’re back with Episode 19 of Tandem Talk – for having nothing to say, we sure do have a lot to talk about! Tune in as we discuss the unprecedented levels of market narrowness and overconcentration investors are faced with today. What has happened to the S&P 500? Are markets changed forever? Is it really different “this time”? If history (or probability) is any indication, it’s not. Later, we revisit the “Lost Decade” of the aughts, and recount lessons learned. The takeaway is quite simple: if you invest like everyone else, during boom times you will boom, and during bust expect to bust. But hard times in the index does not mean hard times for all stocks, or all investors either.

With the election now behind us, we evaluate where we are and where we go from here. With recent rumblings of a flat index projected for the next decade, we remind the listener the importance of owning good individual businesses. If you own individual companies with a proven ability to consistently grow their earnings, sales, cash flow and dividends (if paid), it matters far less what the index will do. Remember, just because the index could be flat, doesn’t mean that everything in it will be.Special note: Tandem recorded this on Veteran’s Day (11/11/2024), therefore, we would like to acknowledge those who have served and are serving our country – thank you for your service!

And we are back with Episode 17 of Tandem Talk! In this episode, we revisit the late 90s and draw parallels to today as we debate the status of the AI boom the stock market finds itself in. Is this a bubble? Will the bubble burst? Between spiking VIX levels and an increasingly concentrated ascending market, we remind investors to assess the level of risk taken per unit of return received. After all, just because certain companies are the winners of the AI race today doesn’t mean they will be the winners in the end.

We’re back with our 16th episode of Tandem Talk! If you have been with us from the beginning, that’s 4-years of Tandem Talk – thank you for following along. In this episode, we dive into recent earnings growth, share price volatility, trusting your news source, and the numbers making up the markets; think GDP growth, CPI, interest rates, and consumer sentiment numbers. We touch on the recent price increases by companies post-pandemic (goodbye dollar menu!), the threat of stagflation, and a lot of noise from the Fed. With different reports saying different things – who do you believe? We close out the episode with the topic of short-termism. What’s the market doing today? This week? This quarter? What really matters? Compounding your earnings and having the patience to do so!

Join our Investment Team around the table for our 15th episode of Tandem Talk! Listen in as we reflect on the similarities of 2023 and 2024-to date, debate how to pronounce NVIDIA, and discuss the seemingly forgotten 493 other companies in the index. We wrap our conversation discussing the irrational and emotional decision-making that is likely to come with election season but remind the listener that good companies are good companies in all environments. Here

Tandem’s Investment Team returns with our 14th episode of Tandem Talk! We take a look back to last quarter’s podcast and can’t help but recognize that we are basically in the same place we were 2 years ago. We are still seeing this two-market divide grow deeper and the discussion surrounding banks continues as we see tighter restrictions on loans and stricter lending. We touch on the importance of capital allocation and why we may be seeing past misallocations of funds become problematic. Closing out the podcast, we discuss Tandem’s Two Pillars and our commonsense approach to investing.

In this Episode of Tandem Talk (or should we say Fed Talk?), we cover a lot of news relating to recent Fed statements and actions. And what’s the deal with this thing we keep hearing about, a “recession” maybe? We take a look in the rearview, touching on topics surrounding historic savings rates, ongoing price increases (RIP Chipotle guac), tax cuts, how China is affecting the market, debt talks and more. Expect a lot of throwbacks and even some updates on AI’s effects on the market. And no, we’re not talking about Allen Iverson!

“When you have that many people short – you get squeezed.” – Ben Carew, CFA. We have a lot to cover on this episode of Tandem Talk. We kick off with a debrief of the past month and recent market events. In usual Tandem fashion, we lay it all on the table and try to make heads or tails of this ever-changing market environment we find ourselves reverting back to time and time again. To wrap things up, we play a fun game of “Yes or No, does this affect Tandem’s portfolio?”.

In this episode of Tandem Talk, the team touches on a broad range of topics; from the massive job layoffs we see spreading across industries, to the path of interest rates and earnings, to the red hot markets we are experiencing so far this year. The team reflects on current financial conditions and why we are seeing companies with the weakest balance sheets outperforming the rest. Tandem bids adieu to a long-time core holding and comments on the difference between timing the market and following a discipline. Where we go from here and what exactly that may look like is all covered in this episode of Tandem Talk. We hope you enjoy!

Our 10th Episode of Tandem Talk is here and we have a lot to cover! In this episode, we discuss how to find opportunities in bear market rallies and how to better understand “the market”. Our team shares with listeners the meaning of Tandem’s bottom-up methodology and what role it plays in investing in markets like today’s. Think in terms of company by company instead of the stock market as a whole. And lastly, we share our philosophy for managing the ups and downs of the stock market over time; expect them, prepare for them, and work through them - company by company.

Today’s topic of discussion? The Economy! Are we witnessing a game of chicken between the Fed and the Market? Join us as we discuss a K-shaped recovery and take a look back at Billy’s spot-on thoughts about stagflation. We end the conversation with a well-known saying here at Tandem – “uncertainty brings opportunity”. We hope you enjoy!Don’t forget to check back in next quarter for our 10th episode of Tandem Talk!Tandem Talk ®

In this episode of Tandem Talk, we describe post-COVID earnings and how they are shaking up the markets. A discussion on recent market volatility, Tandem’s implementation process and what that looks like with today’s market fluctuations, and why the Energy sector doesn’t make the cut in Tandem’s sector agnostic process. We close out the episode with the importance of staying the course.

Team Tandem is back, as are inflation and Fed talk, for another episode of Tandem Talk. In Episode 7, Tandem’s investment team discusses the implications of rising inflation, rising interest rates, increased market volatility, global tensions and much more. Enjoy the conversation!

Tandem Talk 6 picks up right where Tandem Talk 5 left off! Inflation and Fed talk continue as hot topics for the Tandem Team, both generally around markets and specifically around Tandem’s portfolios. TT6 gives the listener the sense of eavesdropping on an everyday conversation around the trading desk. And One Big Thing returns with some thought-provoking conversation. We hope you enjoy listening as much as we enjoy bringing Tandem Talk 6 to you.

Tandem Talk 5 is finally here, and the Tandem Team shares some quality conversation on all that has gone in this summer. Beginning with what is happening inside Tandem portfolios and transitioning to what is going on in the rest of the financial world, the talk is lively, mildly informative, and sometimes humorous. And TT5 concludes with a new feature - everyone's One Big Thing.

In episode 4 of Tandem Talk, John Carew and the Tandem Team have a lot on their minds. The market has been solid since they last convened and there is plenty to discuss, some topics serious, some humorous, but all hopefully informative.

In episode 3 of Tandem Talk John Carew and the Tandem investment team gather once more for a topical conversation. A lot has happened since episode 2. The Team touches on those things that got their attention while laying out a bullish case for stocks. As always, there is also plenty to indicate that caution is warranted as well. The team addresses these topics and more in their usual serious, but good-natured manner. We hope you enjoy the listen.

Our second episode of the Tandem Talk podcast is now available. For those new to Tandem Talk, our investment Team sits down together to discuss recent market trends, financial news, and all things Tandem. Enjoy!

Exciting News: Tandem Talk is a quarterly financial podcast sharing history, insight, and market commentary from our Investment Team. We will be adding additional episodes filled with lively commentary focusing on a range of topics including financial news and market updates.