With inflation and central bank rate hikes conspiring to undermine stocks, bonds, real estate and many commodities; investors are peering into 2023 with trepidation, concerned that more of the same could be in store.
More than ever, it is essential to be informed on the markets and share your outlook with clients. But it takes a disciplined approach to keep up-to-date.
Who better to give us tips on staying informed than Stephen Dover, Chief Market Strategist of Franklin Templeton, a global investment manager with $1.4 trillion assets under management1. Stephen has dedicated nearly 40 years to developing and maintaining top knowledge and insights from the market. We found the keys to his success hidden in an intentional day of healthy habits, a regimented schedule, and a continual search for knowledge. We hope this guide sparks ideas for staying informed in 2023. Let’s get started!
Stephen H. Dover, CFA, Chief Market Strategist, Franklin Templeton Investments:
5:30 a.m. – 7:45 a.m. Getting informed and in shape for the day
5:30 a.m. is when I get the least interruptions. The minute my feet hit the floor, I open a small journal on my nightstand and jot a few notes of gratitude. About 15 years ago, I started the habit and found it puts the right spin on the day.
Next is a brief scroll-through email. Leading a global team in a global organization necessitates a quick scan to see if there are any urgent items. After that, I grab my first cup of coffee and Jasper my Cavapoo and do a quick scan of the news – namely the New York Times, Wall Street Journal and the Financial Times – and a quick look at sell-side reports. I am looking for major global events or emerging trends that might impact the markets.
By 6:30 a.m., I am out the door and on my way for my daily swim of 3500 yards. I started swimming as an adult but quickly became a “Masters Swimmer.” I love the sport and being on a swimming team. The repetitive motion, and zero ability for technology to interrupt, quickly became my moving meditation. I am at the office by 8:00 a.m. with wet hair and fresh indentions from my goggles.
8:00 a.m. - 6:00 p.m. Working and sharpening my views
Most of my day is dedicated to talking about Franklin Templeton’s view on the markets, whether in the form of media interviews, client meetings or investment-team meetings. However, I leave several pockets of time to continue the development of my investment thesis and outlook. I split my time between the Institute analysts, our Specialist Investment Managers’ outlooks and external research. I skim most sell-side research but focus on a few research leaders to read full reports, namely: Dr. Ed Yardeni of Yardeni Research, Inc.; Johnathan Golub from Credit Suisse; Greg Valliere’s “Morning Bullets;” Chatham House-International Affairs Think Tank; Ian Bremmer’s Eurasia Group; Project Syndicate; Koyfin; Institute for International Economics and McKinsey Global Institute.
I actively look for views that counter or challenge my views. This helps me create a stronger position or allows me to realign my views. I integrate each piece of information into my broader longer-term thinking. I produce a newsletter to process what I read and articulate my views. Let me know if you find my newsletter on LinkedIn helpful.
6:00 p.m. – 10:00 p.m. The wind-down
Of course, every day isn’t 8:00 a.m. to 6:00 p.m. Some days start at 5:30 a.m. and don’t end until 9:00 p.m., given the need to work with colleagues in Europe and the Asia Pacific. But when I can maintain a somewhat normal business day, I like to drive home and stay informed through the NPR1 app and Economist podcasts. Although informative, I find their format entertaining for the evening drive. The latest Economist podcast series I enjoyed was “The Prince,” about China’s Xi Jinping. On the weekends, I indulge in the complete Economist publication as well as books, autobiographies and historical accounts, which are my favorite. If you wanted my top choices from the past year, my list would be:– “How the World Really Works,” by Vaclav Smil; “We Don’t Know Ourselves,” by Fintan O’Toole (highly recommended); “The Song of the Cell,” by Siddhartha Mukherjee; and “The Watermen,” by Michael Loynd. I also found great value in the following books: “A Monetary and Fiscal History of the United States, 1961–2021,” by Alan S. Blinder;” Slouching Toward Utopia, An Economic History of the Twentieth Century,” by J. Bradford DeLong; and “The Lords of Easy Money,” by Christopher Leonard.
As you can see from my list of books, I find general non-fiction more helpful than most investment books to get a broader perspective of the world and what’s important. Staying informed and on top of the markets is a dedicated practice I have developed for over 40 years. I weave it into every aspect of my life to create a mosaic of views and data I can pull from in many different situations. As a continual learner and relentlessly curious person, I look for new sources and ways to process information. Your role as a financial advisor is critical in keeping investors informed, one in which I know you take great pride. In the new year, I wish you continued curiosity and excitement in these changing times that offer opportunities for us all.
1As of November 30, 2022
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