Financial expert to speak on investing strategy

first_imgFor students looking to make serious dough through investments, one financial expert will give his advice today: in the Internet era, you need to go against the grain. Steve Cortes, a frequent on-air contributor for CNBC’s “Fast Money,” is speaking today in the Mendoza Jordan Auditorium at 6 p.m. He will discuss his new book, “Against The Herd — Six Contrarian Investment Strategies You Should Follow.” “I think in this digital age, the dangers of group-think are more prevalent than ever, particularly in financial markets,” Cortes said. “I think social media in particular has fostered a greater susceptibility to false notions quickly becoming accepted as conventional wisdom.” Cortes said the guiding principle behind his book is to not hold steadfast to commonly accepted financial wisdom. “The book is a tutorial in contrarian thinking in markets,” he said. “By contrarian, I mean being willing to buck conventional wisdom as espoused by Wall Street and the financial media.” Cortes also recommended against investing in China, despite the popular notion that the country will become a world superpower. “My most provocative theme, what I lead with in the book, is I believe China, which most of the world thinks is the next great emerging power and will soon eclipse the United States in many ways, is a false notion,” he said. “I believe if anything China is a very dangerous place to invest, it is a very unstable country, and I am very bearish from an investing standpoint.” For young investors, Cortes said steering away from these seemingly promising markets is an advisable move. “I think that academia, like Wall Street, is incredibly assured that emerging markets … in the world are going to be growth stories in coming years and coming decades,” he said. “It is almost this accepted truth.” Additionally, Cortes said young investors are often exposed to the misconception that heavily investing in stocks is a sure-fire method for financial success. “From an investing standpoint, I believe Wall Street has also [emphasized] too high a percentage in stocks. It is too volatile for most people. It’s particularly sold to young people,” he said. “Wall Street has oversold to the investing public, especially young investors. The grave exposure to equity stock should be relatively small.” For undergraduates looking to enter the business world, Cortes said the ability to learn is more important than field of study. “I think the most important thing is it’s not what you are learning as an undergrad, whether it’s art history or you’re a business major,” he said. “It’s far more about learning how to learn.” Additionally, Cortes said entering into a business-related career is challenging due to the government’s increased regulation of Wall Street. “I wouldn’t dissuade anyone who has a passion, because you are going to do it anyways,” he said. “If you are interested in Wall Street for what it was, it is going to be a very different and a much tougher place going forward.” A self-proclaimed “subway alum” with many family members who have attended the University, Cortes he nearly attended Notre Dame, but chose Georgetown University. “I would have gone to Notre Dame if I had been better at football,” he said. “It broke my mother’s heart that I didn’t go there.” After attending a Jesuit-affiliated university, Cortes said Catholic business principles are important to him. While his book is not written from a moral or political perspective, he said applying these principles to investing strategies is one of the ways he recognizes investing in China as an area of risk. “I do believe one of the reasons China is a dangerous place economically in terms of markets is because of the incredibly unethical way the government treats the people,” he said. “It has not has become a force of innovation and invention. I think one of the reasons, to tie it all in a grand way to Catholic principles, is because the government is so limiting on thought and expression.” A Chicago native, Cortes said through interacting with Notre Dame alumni, he recognizes Notre Dame produces graduates unlike any other school. “Notre Dame takes [its Catholic identity seriously] other great institutions don’t have the faith aspect and they don’t have the sports aspect,” he said. “I think because they don’t have those, they don’t have the kind of life-long identity and spirit and cohesiveness that is certainly evident among Notre Dame grads.”last_img read more

The Latest: Kentucky Derby Festival cuts large-scale events

first_imgThe Latest: Kentucky Derby Festival cuts large-scale events June 11, 2020 The track in Jérez, Spain, will host the first two races on July 19 and 26 before the competition heads to the Czech Republic for the third race.The season is expected to finish before Dec. 13.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The Kentucky Derby Festival will not hold large-scale events this year, including the highly popular Thunder Over Louisville air and fireworks show that leads off the run-up to the Kentucky Derby. The season is scheduled to resume on Wednesday with Aston Villa hosting Sheffield United and Arsenal playing at Manchester City.___MotoGP says it will resume next month with two races in Spain following a suspension caused by the coronavirus pandemic.The competition organizers say they have confirmed 13 races. They are all at European locations.They say four more races in the United States, Argentina, Thailand and Malaysia could be added to the calendar depending on health and travel restrictions. That decision on the additional races will be made before July 31. Tournament director Brian Flajole said Thursday uncertainty about the ability to hold large public gatherings in Washington state led to the decision to not hold the tournament scheduled for Aug. 17-23 at The Club at Snoqualmie Ridge. Flajole said the decision was made in conjunction with local and state health officials as well as the PGA Tour. Flajole says the tournament intends to return in 2021. This year was set to be the 16th playing of the only professional golf event held annually in the state.___NHL training camps will open July 10 if the league and players’ union can reach an agreement to resume the season.Setting this date gives the 17% of players overseas time to make arrangements to return in light of U.S. and Canada quarantine regulations. The league and NHLPA said the July 10 start of camps is pending medical and safety conditions and agreeing on getting back to games. The Kentucky Oaks for fillies and 146th Derby were postponed from May 1-2 to Sept. 4-5 because of the coronavirus pandemic. It marked the first time since 1945 the Derby was not run on the first Saturday in May. Thunder Over Louisville was rescheduled for August, but Festival organizers announced Thursday night that the air show and events such as the miniMarathon and Pegasus Parade are off.“As an organization that always puts public health and safety first, we know it would not be responsible for the Kentucky Derby Festival to put on events that attract crowds with not just hundreds, but hundreds of thousands of people,” Matt Gibson, Kentucky Derby Festival President and CEO said in a release.Organizers are exploring alternatives for smaller-scale events and working to create virtual options for the miniMarathon and Tour de Lou cycling event.___The PGA Tour Champions Boeing Classic scheduled to be held in August outside of Seattle has been canceled because of the COVID-19 pandemic. Camps are expected to run two to three weeks with games taking place in two “hub” cities without fans. If the league and players finalize a deal to return, games could resume in early August.___Premier League soccer clubs have approved the match protocols for when the competition resumes on Wednesday after a 100-day shutdown because of the coronavirus pandemic.The procedures cover matchday operations and include splitting stadiums into red, amber and green zones to reduce the risk of spreading the virus.Restrictions also have been placed on the number of people allowed into stadiums. Associated Press last_img read more