Robert
Kiyosaki,
Dr.
Marc
Faber,
Professor
Burton
Malkiel
&
Marin
Aleksov
(encore
show)
Please
Listen
Here:
Summary:
Dr.
Burton
Malkiel,
Professor
from
Princeton
University
returns
to
the
show
to
discus
the
11th
edition
of
his
magnum
opus,
A
Random
Walk
Down
Wall
Street.
His
outlook
for
2016
is
somber
-
equities
and
most
asset
classes
seem
overvalued.
The
CAPE
P/E
ratio,
currently
near
23
in
the
US,
which
indicates
US
shares
are
overpriced
relative
to
global
shares,
on
a
historical
basis.
When
valuations
are
extended,
diversification
is
most
necessary,
buffering
the
impact
of
increased
volatility.
Although
the
professor
agrees
with
the
host
that
2016
will
be
a
year
of
Fed
rate
hikes,
tame
economic
conditions
will
likely
hold
policymakers
in
check.
The
idea
of
market
unpredictability
is
comparable
to
quantum
mechanics,
where
Einstein
could
not
accept
quantum
theory.
Instead
of
predicting
price
outcomes,
probability
theory
facilitates
enhanced
portfolio
return.
Even
the
Oracle
of
Omaha,
Warren
Buffett
has
publicly
denounced
active
investing,
instructing
his
heirs
to
engage
in
passive
index
investing.
The
professor
offers
his
favorite
index
fund
with
a
low
expense
ratio,
the
ETF:
(VTI),
with
a
remarkable
expense
ratio
of
1/20th
of
one
percent,
0.0005%.
Using
such
low
expense
ETFs,
the
typical
individual
investor
can
easily
outperform
virtually
all
top
money
managers
and
hedge
funds.
Adding
bonds
to
stock
index
funds
is
advisable.
Chris
welcomes
back
Dr.
Marc
Faber,
a
widely
respected
economist
and
editor
of
the
GloomBoomDoom
report.
Our
guest
expects
the
Fed
to
backpedal
with
the
new
rate
hike
policy,
with
the
announcement
of
a
new
wave
of
monetary
expansion
this
year,
QE
4.
Policymakers
are
pushing
on
a
string
-
monetary
expansion
is
far
less
affective
with
each
installment.
Although
the
equities
indexes
are
being
buoyed
by
a
few
key
shares,
the
majority
of
stocks
are
in
bear
market
territory.
Dr.
Faber
questions
the
veracity
of
official
US
economic
figures,
noting
a
high
likelihood
of
a
recession
in
early
2016
despite
official
indications
to
the
contrary.
After
years
of
stagnation,
gold
shares
are
outperforming
most
sectors,
as
their
relative
value
encourages
wise
investors
to
allocate
funds
into
the
XAU.
Dr.
Faber
recently
added
to
his
gold
position,
using
weakness
as
an
opportunity
to
procure
sound
money
at
a
discount.
The
storage
cost
for
physical
gold
bullion
is
low
making
the
yellow
metal
an
ideal
asset
to
outperform
other
commodities
amid
a
2016
rebound
rally.
Chris
welcomes
back
to
the
show,
Marin
Aleksov,
CEO
of
Rosland
Capital.
Our
guest
says
the
recent
market
volatility,
domestically
as
well
as
in
Asia,
which
could
lead
to
a
2008
style
market
crisis,
halting
the
FOMC
rate
hikes.
In
addition,
the
collapse
would
increase
appeal
of
safe
haven
assets
such
as
precious
metals.
Marin
Aleksov
is
primarily
concerned
with
the
return
of
his
wealth
and
less
so
with
the
return,
on
his
portfolio.
Our
guest
advocates
a
gold
allocation
of
20%-30%
per
investment
portfolio.
Investors
may
be
placing
too
big
an
emphasis
on
near-term
performance.
Gold
is
still
higher
by
over
25%
since
2008.
With
gold
priced
at
bargain
levels,
the
risk
/
reward
is
enticing.
Millions
of
investors
worldwide
are
seizing
the
opportunity
to
increase
exposure
with
limited
downside.
Right
Click
Above
and
"Save
Target
As..."
to
download.
To
learn
more
about
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to
play
the
above
formats,
please
visit
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FAQ.
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-
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-
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Guest
Bio.'s:
Marin
Aleksov
Rosland
Capital
In
2008
Marin
Aleksov
founded
Rosland
Capital
–
recognized
today
as
one
of
the
premier
precious
metal
asset
firms
in
the
United
States.
Marin
now
serves
as
CEO
of
the
company
and
guides
the
development
and
expansion
of
Rosland's
activities,
while
remaining
closely
involved
in
ensuring
customers'
needs
are
met
and
exceeded.
Rosland
currently
employs
about
70
people
and
strives
to
educate
consumers
on
the
benefits
of
buying
precious
metals.
Marin
has
said,
"Historically,
when
Washington
implements
policies
that
cause
the
dollar
to
decline,
these
same
actions
tend
to
increase
the
value
of
gold.
This
is
why
many
use
gold
as
a
hedge
against
inflation
and
for
wealth
preservation."
Given
his
knowledge
and
experience
of
the
value
of
buying
gold,
Marin
has
been
a
source
for
a
variety
of
media
outlets
reporting
on
the
benefits
of
this
kind
of
diversification.
Marin
Aleksov
has
been
featured
extensively
as
a
guest
on
radio
shows
hosted
by
leading
national
commentators.
Dr.
Burton
G.
Malkiel,
the
Chemical
Bank
Chairman’s
Professor
of
Economics
at
Princeton
University
,
is
the
author
of
the
widely
read
investment
book,
A
Random
Walk
Down
Wall
Street.
The
revised
9th
edition
paperback
of
the
book
was
published
in
2007.
Dr.
Malkiel
has
long
held
professorships
in
economics
at
Princeton
,
where
he
was
also
chairman
of
the
Economics
Department.
He
was
dean
of
the
Yale
School
of
Management
and
William
S.
Beinecke
Professor
of
Management
Studies
there
from
1981
to
1987.
He
is
a
past
appointee
to
the
President’s
Council
of
Economic
Advisors.
In
addition,
he
currently
serves
or
has
served
on
the
boards
of
several
financial
corporations
including
Prudential
Financial
and
the
Vanguard
Group
and
nonfinancial
corporations
such
as
Genmab
and
Theravance.
He
has
also
served
on
several
investment
management
boards
including
the
Investment
Committee
for
the
American
Philosophical
Association.
He
is
a
past
president
of
the
American
Finance
Association
and
is
a
member
of
the
American
Economic
Association.
He
is
also
the
author
or
co-editor
of
eight
other
books,
the
most
recent
of
which
are
The
Random
Walk
Guide
to
Investing:
10
Rules
for
Financial
Success
and
Global
Bargain
Hunting:
An
Investor’s
Guide
to
Profits
in
Emerging
Markets,
with
J.
P.
Mei
and
From
Wall
Street
to
the
Great
Wall,
with
others.
He
holds
a
B.A.
and
MBA
degree
from
Harvard
and
a
Ph.D.
degree
from
Princeton
Universities
and
began
his
career
in
the
investment
banking
department
of
Smith
Barney
&
Co.
Dr
Marc
Faber
was
born
in
Zurich,
Switzerland.
He
went
to
school
in
Geneva
and
Zurich
and
finished
high
school
with
the
Matura.
He
studied
Economics
at
the
University
of
Zurich
and,
at
the
age
of
24,
obtained
a
PhD
in
Economics
magna
cum
laude.
Between
1970
and
1978,
Dr
Faber
worked
for
White
Weld
&
Company
Limited
in
New
York,
Zurich
and
Hong
Kong.
Since
1973,
he
has
lived
in
Hong
Kong.
From
1978
to
February
1990,
he
was
the
Managing
Director
of
Drexel
Burnham
Lambert
(HK)
Ltd.
In
June
1990,
he
set
up
his
own
business,
MARC
FABER
LIMITED
which
acts
as
an
investment
advisor
and
fund
manager.
Dr
Faber
publishes
a
widely
read
monthly
investment
newsletter
"The
Gloom
Boom
&
Doom
Report"
report
which
highlights
unusual
investment
opportunities,
and
is
the
author
of
several
books
including
“
TOMORROW'S
GOLD
–
Asia's
Age
of
Discovery”
which
was
first
published
in
2002
and
highlights
future
investment
opportunities
around
the
world.
“
TOMORROW'S
GOLD
”
was
for
several
weeks
on
Amazon's
best
seller
list
and
is
being
translated
into
Japanese,
Chinese,
Korean,
Thai
and
German.
Dr.
Faber
is
also
a
regular
contributor
to
several
leading
financial
publications
around
the
world.
A
book
on
Dr
Faber,
"RIDING
THE
MILLENNIAL
STORM",
by
Nury
Vittachi,
was
published
in
1998.
A
regular
speaker
at
various
investment
seminars,
Dr
Faber
is
well
known
for
his
"contrarian"
investment
approach.
He
is
also
associated
with
a
variety
of
funds
and
is
a
member
of
the
Board
of
Directors
of
numerous
companies.
Robert
Kiyosaki,
author
of
Rich
Dad
Poor
Dad
-
the
international
runaway
bestseller
that
has
held
a
top
spot
on
the
New
York
Times
bestsellers
list
for
over
six
years
-
is
an
investor,
entrepreneur
and
educator
whose
perspectives
on
money
and
investing
fly
in
the
face
of
conventional
wisdom.
He
has,
virtually
single-handedly,
challenged
and
changed
the
way
tens
of
millions,
around
the
world,
think
about
money.
OVER
6
YEARS
ON
THE
NEW
YORK
TIMES
BEST
SELLER
LIST!
-
November
2007
-
In
communicating
his
point
of
view
on
why
'old'
advice
-
get
a
good
job,
save
money,
get
out
of
debt,
invest
for
the
long
term,
and
diversify
-
is
'bad'
(both
obsolete
and
flawed)
advice,
Robert
has
earned
a
reputation
for
straight
talk,
irreverence
and
courage.
Rich
Dad
Poor
Dad
ranks
as
the
longest-running
bestseller
on
all
four
of
the
lists
that
report
to
Publisher's
Weekly
-
The
New
York
Times,
Business
Week,
The
Wall
Street
Journal
and
USA
Today
-
and
was
named
"USA
Today's
#1
Money
Book"
two
years
in
a
row.
It
is
the
third
longest-running
'how-to'
best
seller
of
all
time.
Translated
into
51
languages
and
available
in
109
countries,
the
Rich
Dad
series
has
sold
over
27
million
copies
worldwide
and
has
dominated
best
sellers
lists
across
Asia,
Australia,
South
America,
Mexico
and
Europe.
In
2005,
Robert
was
inducted
into
Amazon.com
Hall
of
Fame
as
one
of
that
bookseller's
Top
25
Authors.
There
are
currently
26
books
in
the
Rich
Dad
series.
In
2006
Robert
teamed
up
with
Donald
Trump
to
co-author
Why
We
Want
You
To
Be
Rich
-
Two
Men
-
One
Message.
It
debuted
at
#1
on
The
New
York
Times
bestsellers
list.
Robert
writes
a
bi-weekly
column
-
'Why
the
Rich
Are
Getting
Richer'
-
for
Yahoo!
Finance
and
a
monthly
column
titled
'Rich
Returns'
for
Entrepreneur
magazine.
Prior
to
writing
Rich
Dad
Poor
Dad,
Robert
created
the
educational
board
game
CASHFLOW
101
to
teach
individuals
the
financial
and
investment
strategies
that
his
rich
dad
spent
years
teaching
him.
It
was
those
same
strategies
that
allowed
Robert
to
retire
at
age
47.
Today
there
are
more
that
2,100
CASHFLOW
Clubs
-
game
groups
independent
of
the
Rich
Dad
Company
-
in
cities
throughout
the
world.
Born
and
raised
in
Hawaii,
Robert
Kiyosaki
is
a
fourth-generation
Japanese-American.
After
graduating
from
college
in
New
York,
Robert
joined
the
Marine
Corps
and
served
in
Vietnam
as
an
officer
and
helicopter
gunship
pilot.
Following
the
war,
Robert
went
to
work
in
sales
for
Xerox
Corporation
and,
in
1977,
started
a
company
that
brought
the
first
nylon
and
Velcro
'surfer
wallets'
to
market.
He
founded
an
international
education
company
in
1985
that
taught
business
and
investing
to
tens
of
thousands
of
students
throughout
the
world.
In
1994
Robert
sold
his
business
and,
through
his
investments,
was
able
to
retire
at
the
age
of
47.
During
his
short-lived
retirement
he
wrote
Rich
Dad
Poor
Dad.
"We
go
to
school
to
learn
to
work
hard
for
money.
I
write
books
and
create
products
that
teach
people
how
to
have
money
work
hard
for
them."
--
Robert
Kiyosaki
Dr
Marc
Faber
was
born
in
Zurich,
Switzerland.
He
went
to
school
in
Geneva
and
Zurich
and
finished
high
school
with
the
Matura.
He
studied
Economics
at
the
University
of
Zurich
and,
at
the
age
of
24,
obtained
a
PhD
in
Economics
magna
cum
laude.
Robert
Kiyosaki,
author
of
Rich
Dad
Poor
Dad
-
the
international
runaway
bestseller
that
has
held
a
top
spot
on
the
New
York
Times
bestsellers
list
for
over
six
years
-
is
an
investor,
entrepreneur
and
educator
whose
perspectives
on
money
and
investing
fly
in
the
face
of
conventional
wisdom.
He
has,
virtually
single-handedly,
challenged
and
changed
the
way
tens
of
millions,
around
the
world,
think
about
money.
