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David Hay Talks About The Most Important Relationship In Finance | Grant Williams | Real Vision™

Grant travels west to talk with Evergreen GaveKal CIO David Hay about the changing dynamics surrounding perhaps the most important aspect of finance - the relationship between manager and investor. David explains how that relationship has shifted over his 40 year career, the challenges those shifts have caused and what each side must try to do in order to preserve this all-important relationship. Filmed October 19, 2018 in Bellevue, Washington. Watch more Real Vision™ videos: http://po.st/RealVisionVideos Subscribe to Real Vision™ on YouTube: http://po.st/RealVisionSubscribe Start a 14-day free trial: https://rvtv.io/2Fn3HOg About Real Vision™: Real Vision™ is the destination for the world’s most successful investors to share their thoughts about what’s happening in today's markets. Think: TED Talks for Finance. On Real Vision™ you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. Make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on Real Vision™. Connect with Real Vision™ Online: Linkedin: https://rvtv.io/2xbskqx Twitter: https://rvtv.io/2p5PrhJ David Hay Talks About The Most Important Relationship In Finance | Grant Williams | Real Vision™    / realvisiontelevision   Transcript: For me, the best part of my Real Vision journey has been the chance to refine my own investment framework through a series of conversations with brilliant investors in every corner of the globe. In this series, I want to try and continue my education by digging deeper into the lives and careers of my guests to try and learn how they think. I want to understand the experiences that have shaped them, the failures they've bounced back from, and the lessons that those failures have taught them. And I want to break down the success to find out what sets them apart. I'm not looking for trade ideas, or guesses about an unknowable future, but rather knowledge accumulated over the course of careers to try and make me a better investor. And I want to share those conversations with you. Investing savings is an exercise in trust. We pick managers we believe will maximize our returns, and then we trust them to make decisions on our behalf that can change the course of our lives. The relationship between a wealth manager and his or her client is the very bedrock of the investment industry. But over the years that relationship has changed as markets have moved from the analog world to the digital. With such a crucial relationship being so dependent upon trust between the two sides. And with one side, the manager, necessarily having a big advantage in terms of understanding and experience, it seems dangerous to allow the communication between the two to diminish. That however is exactly what has happened as investing becomes increasingly more skewed towards passive and the reduction of fees, and traditional wealth managers are crowded out by machines. Today, I'm traveling to Bellevue, Washington to talk with a dear friend about the importance of this shift to both sides, and to try and understand not only what the new landscape looks like, but also how each of the parties involved can better deal with the transition. So please join me for a conversation with David Hay. David, thank you so much for having us out here. There's a lot of stuff to talk about today. And it's a conversation that you and I have had in private many, many times. And it always gets me thinking, and I always think to myself, you know what? This is a conversation that a lot of people should be having. So thanks for having us. It's a privilege, and I would explain about my voice. Do you remember the old Robin Hood movie with Errol Flynn, one of the classics? So I'm like Friar Tuck. That's me. Friar Tuck. Eugene Pallette. I've got the the Eugene Pallette voice today. Well, hopefully the people can understand what you're saying. Maybe we'll subtitle it for anyone that's struggling. Well, what I want to talk about is managing money, and specifically, the relationship and the dynamic between investors and managers, because it's something that's at the very heart of finance. It's something at the very heart of everybody's personal decisions. And it's a dynamic that's constantly shifting, and it seems to me, and it's felt to me in the last several years that it's shifting for the first time in a very secular way. It seems to be moving to be much more challenging. So we'll talk about the current environment and the challenges that a manager like you faces later, but I want to start with your beginnings in the industry, not so much yours because people have seen you on Real Vision before, and they kind of know your story.