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Tandem Talk

by Tandem Investment Advisors, Inc.

Season 5

Tandem Talk, Episode 24: Understanding Market Momentum

Tandem's Investment Team is back with Episode 24 of Tandem Talk. Since February, markets have kept marching to the beat of one drum: AI. The team draws on historical parallels, digs into what the portfolio's fundamentals are actually doing, and asks why the companies that survive a capital expenditure boom are rarely the ones the market bets on early.

Season 4

Tandem Talk, Episode 23: The End of the World as We Know It?

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 Talk, Episode 22: A Tale of Two Markets

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 Talk, Episode 21: Tug of War

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?

Tandem Talk, Episode 20: Special Edition - Lights, Camera, ACTION!

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.

Tandem Talk, Episode 19: It’s Never Different “This Time”

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.

Season 3

Tandem Talk, Episode 18: Is the Whole Always Equal to the Sum of its Parts?

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!

Tandem Talk, Episode 17: How Many Miles Can we go on a Run-Flat Tire?

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.

Tandem Talk, Episode 16: Patience—the Watch Word of 2024

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!

Tandem Talk, Episode 15: Check Your Emotions at the Door

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

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