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Commentary: “Faith is taking the first step even when you don’t see the whole staircase.” – Martin Luther King Jr.

By Nancy Tengler, CEO & Chief Investment Officer

January 15, 2024. For years I taught at St. Mary’s College in Moraga, California (where I received my MFA). One of my favorite sections of the advanced composition syllabus was the persuasive essay. I always chose Dr. King’s Letter From Birmingham Jail, a literary and moral masterpiece. It never fails to delight and challenge. So, today we honor and remember Dr. King — even in a commentary on the markets — for his courage and moral clarity. His determination and kindness. And his wisdom.

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Tengler: The Importance of Discipline

Nancy Tengler, Laffer Tengler Investment’s CEO and Chief Investment Officer, joins the latest episode of “The Alpha Exchange” with Dean Curnutt. Tengler’s career in money management has spanned more than three decades and has presented real world challenges and opportunities that have reinforced a philosophy on risk. First, she shares that her interest in money came from not having any of it, pushing her to first focus on savings and then on investing that savings.

She’s also come to believe that the biggest risk is not taking enough of it, a notion is a thread throughout our discussion. This idea dates all the way back to the crash of ’87, a harrowing episode during which Nancy was forced to look past the shocking volatility and argue that clients should put fresh money to work as part of a longer-horizon plan.

In this podcast, Tengler talks about the stratospheric valuations of tech stocks in the late 1990’s and she contrasts that period with today’s the more reasonably valued market leadership. In the present, she sees a secular tailwind coming from developments in cloud computing and in generative AI that will benefit not just the tech companies that create these innovations, but the older economy stocks like Walmart that deploy them as productivity enhancement tools. Next, we discuss the balance between the macro and the micro within her process. While being highly macro aware and concerned about top-down factors like US government debt, Nancy’s process emphasizes a study of business fundamentals along with a strong focus on evaluating the strength of management teams. Lastly, we talk about the women in finance movement and the work that Nancy is doing to promote financial literacy for females, including her book, “The Women’s Guide to Successful Investing”.

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