Bright talk constructive disagreement 2016 nov 2

How to Avoid Boring Panel
Discussions:
Nine Guidelines for
Constructive Disagreement
1
November 2, 2016
RIG HT BLE N D
I N V E S T I N G

Brooke Southall, Principal, RIABiz.com
2
RIG HT BLE N D
I N V E S T I N G
“Boring
panel
discussions
are
one
of
my

pet
peeves.
You
go
to
a
conference

hoping
to
learn
something
new
and
you

get
polite
babble
and
marketing

nonsense.

There
is
not
enough
disagreement.”

2-Minutes About Each Speaker
3
RIG HT BLE N D
I N V E S T I N G
• Robert
J.
Martorana,
CFA
Portfolio
Manager
Right
Blend
Investing,
LLC
• Brian
Gilmartin,
CFA
Portfolio
Manager
Trinity
Asset
Management,
Inc.
• Jeff
Briskin
Director
of
Marketing

Advisor
Perspectives
&
APViewpoint

Methodology
4
RIG HT BLE N D
I N V E S T I N G
• I
interviewed
ten
of
my
peers
to
find
out

how
to
make
panel
discussions
more

insightful.
• We
found
that
constructive
disagreement

is
a
key
part
of
an
interesting
discussion.
• Here
is
the
recipe
for
an
effective
panel

discussion…

Why Do We Need Constructive Disagreement?
6
RIG HT BLE N D
I N V E S T I N G
Avoiding
cognitive
biases:
• Anchoring:
We
estimate
an
initial
value

and
we
are
slow
to
adjust.

• Availability:
We
remember
things
that
are

vivid,
like
plane
crashes.
• Representativeness:
We
rely
on

stereotypes
and
fail
to
ask
“What
am
I

missing?”

What Makes a Group Effective?
7
RIG HT BLE N D
I N V E S T I N G
Charles
Duhigg described
successful
teams
in

Smarter,
Better,
Faster.
Two
key
elements:
1. Interesting
task:
The
group
feels
that
the

work
is
meaningful.
2. Psychological
safety:
“Teams
succeed

when
everyone
feels
they
can
speak
up

and
when
members
show
they
are

sensitive
to
how
one
another
feels.”

Brian Gilmartin, CFA, founder of Trinity
Asset Management Inc.
8
RIG HT BLE N D
I N V E S T I N G
“When
you
have
highly
intelligent,
highly

motivated
people,
how
do
you
handle

conflict?

It
is
not
enough
to
have
analytical
rigor—do

you
have
integrity
and
a
process
for
handling

disagreement?”

Preparation and Execution
9
RIG HT BLE N D
I N V E S T I N G
The
nine
guidelines
are
separated
into:
• Four
steps
of
preparation

• Five
principles
for
execution

10
RIG HT BLE N D
I N V E S T I N G

Tadas Viskanta,
Founder and Editor of Abnormal Returns
11
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I N V E S T I N G
“Disagreement
is
constructive
when
you’re

on
the
same
topic
and
you’re
working

toward
the
same
goal.
Online,
people
have

their
own
agendas.
They
are
often
speaking

past
you
to
some
perceived
audience”
[so

their
analysis
and
conclusions
are
suspect].

Brooke Southall, RIAbiz
12
RIG HT BLE N D
I N V E S T I N G
“You
need
to
define
terms
so
you
can
get
to

the
core
of
the
disagreement.
You
may
still

disagree,
but
at
least
you
know
where
your

assumptions
differ.
It
represents
progress
if

you
disagree
coherently,
instead
of
just

talking
past
each
other."

13
RIG HT BLE N D
I N V E S T I N G

Nicholas Colas
Chief Strategist at Convergex
14
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I N V E S T I N G
“Think
about
the
one
or
two
things
that
will

change
their
world.
Don’t
go
in
front
of
a

group
unless
you
have
great
ideas.

Something
memorable.
If
I
don’t
have
it,
I
don’t
do
the
panel.”

Jeff Briskin, Marketing Director, Advisor
Perspectives
15
RIG HT BLE N D
I N V E S T I N G
The
moderator
has
to
be
the
advocate
of
the

audience.
The
moderator
has
to
make
sure
that

high-‐level
talk
applies
to
an
advisor’s
daily
practice

with
clients.
You
don’t
want
a
philosophical
debate

that
the
audience
can’t
apply.

The
panelists
are
not
there
to
impress,
but
to

inform.

It’s
not
about
‘I’m
smarter
than
you;’
it’s

about
who
gives
the
best
actionable
information.

Michael Kitces, Partner at Pinnacle Advisory
Group; publisher of the Nerd’s Eye View blog
16
RIG HT BLE N D
I N V E S T I N G
Many
people
just
aren't
wired
for
constructive

debate.
You
need
panelists
who
are
naturally
good

at
engaging
in
respectful
disagreement.

In
fact,
I
find
for
the
panels
where
you
actually

have really
good
people
in
the
first
place,
very
little

preparation
is
needed,
and
‘over-‐preparing’
the

panel
can
stifle
its
ability
to
have
constructive

discourse
(since
people
worry
about
staying
on

script,
instead
of
staying
on
subject).

Shifting Gears
17
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I N V E S T I N G
• Now
we
turn
from
preparation
to

execution.
• The
following
page
offers
guidelines,
not

hard
and
fast
rules.

Nicholas Colas, Convergex
19
RIG HT BLE N D
I N V E S T I N G
“I
always
tell
panelists:
Put
the
ad
for
your

firm
at
the
top.
You
have
two-‐minutes
at
the

top
to
give
a
commercial.
Then
it’s
over
and

it’s
open
season."

Jeff Miller, President of NewArc Investments;
blogs at Dash of Insight
20
RIG HT BLE N D
I N V E S T I N G
“There
are
people
who
are
bond
guys,
and

that’s
a
vested
interest.
They
are
not
biased

per
se,
but
they
tend
to
hire
people
with
an

approach
that
will
work
with
their
clientele.

The
person
will
have
a
conservative
view
on

risk.
This
leads
to
groupthink.”

Brooke Southall, RIAbiz
21
RIG HT BLE N D
I N V E S T I N G
“The
problem
isn’t
hidden
agendas;
it’s
the

agenda
that’s
hiding
in
plain
sight.
Too
many

people
just
stick
with
a
marketing
message

and
can’t,
or
won’t,
go
off
the
script.
The
financial
industry
is
unwilling
to
engage

in
open
dialogue.
They
avoid
unpleasantness

and
accountability.
They
have
trouble
even

defining accountability.”

Intellectual Integrity
23
RIG HT BLE N D
I N V E S T I N G
When
I
host
investment
discussions,
I
have

found
that
two
traits
are
essential
to

promoting
constructive
disagreement:
• Intellectual
Humility:
Aware
of
our
limits
• Intellectual
Courage:
Willing
to
confront

irrational
beliefs

Constructive Disagreement
24
RIG HT BLE N D
I N V E S T I N G
• Focus
on
Solutions:
There
is
no
point
in

getting
together
to
complain.
• Be
Practical:
As
Jeff
Briskin noted,
you’re

there
to
give
insight,
and
not
to
impress.

(Discussion
is
not
debate.)
• Entertainment
≠
Effectiveness:
“There
is

a
big
difference
between
what
gets

discussed
and
what
is
effective.”
(Anon.)

Nicholas Colas:
Brevity
25
RIG HT BLE N D
I N V E S T I N G
“An
hour
is
an
outside
limit
for
a
panel

discussion,
and
20
minutes
for
a
single

speaker.

Attention
spans
are
shrinking,
so
get
right
to

the
point.”

Jeff Miller:
Accountability
26
RIG HT BLE N D
I N V E S T I N G
“It’s
not
the
knowledge
level.
It’s
the

accountability.
[This
is
what’s
missing
in
the

media.]
There
isn’t
a
market-‐driven
process

that
is
fast
enough
to
detect
nonsense
and

hold
people
accountable
for
bad
forecasts

and
a
bad
process.”

Accountability
27
RIG HT BLE N D
I N V E S T I N G
• Listen
to
your
peers
• Acknowledge
their
points
and
your
limits
• Apologize
if
you
cross
the
line.

Remember,
you
give
respect
and
you
get

respect.

For more information please contact:
28
RIG HT BLE N D
I N V E S T I N G
• Robert
J.
Martorana,
CFA:
Portfolio
Manager,
Right

Blend
Investing,
LLC,
Rob@RightBlendInvesting.com
201-‐919-‐2395
• Brian
Gilmartin,
CFA,
Portfolio
Manager,
Trinity

Asset
Management,
Inc.,
brianglm@trinityasset.com
312-‐810-‐3480
• Jeff
Briskin:
Director
of
Marketing,
Advisor

Perspectives
&
APViewpoint,

jbriskin@advisorperspectives.com
508-‐934-‐6252

Resources 1
30
RIG HT BLE N D
I N V E S T I N G
• Valuable
Intellectual
Traits,
Foundation

for
Critical
Thinking.
Describes
intellectual

humility,
intellectual
courage,
etc.
http://www.criticalthinking.org/pages/valuable-‐intellectual-‐traits/528
• Thinking
Fast
and
Slow,
Daniel

Kahneman,
2013.
A
simple
guide
to

behavioral
finance
and
a
tale
well
told.

https://www.amazon.com/Thinking-‐Fast-‐Slow-‐Daniel-‐Kahneman/dp/0374533555

Resources 2
31
RIG HT BLE N D
I N V E S T I N G
• Smarter,
Better,
Faster,
Charles
Duhigg.

Discusses
the
Aristotle
Project
at
Google

in
2015.
Quotation
taken
from
page
67.
https://www.amazon.com/Smarter-‐Faster-‐Better-‐Productive-‐Business-‐ebook/dp/B00Z3FRYB0#nav-‐
subnav
• The
Aristotle
Project
was
also
described
in

How
to
Build
a
Better
Team,
in
NY
Times

Magazine:
http://www.nytimes.com/2016/02/28/magazine/what-‐google-‐learned-‐from-‐
its-‐quest-‐to-‐build-‐the-‐perfect-‐team.html

Resources 3
32
RIG HT BLE N D
I N V E S T I N G
• Principles by
Ray
Dalio.
Dalio based
the

practices
at
Bridgewater
on
“radical

truthfulness.”
These
principles
are

designed
for
the
investment
process.

https://www.principles.com/#Principles
• How
Meditators
Can
Overcome

Behavioral
Finance
Biases,
Jason
A.
Voss,

CFA.
Identifying
a
bias
does
not
eliminate

it.
https://blogs.cfainstitute.org/investor/2014/09/16/how-‐meditators-‐can-‐overcome-‐behavioral-‐
finance-‐biases/

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All written content is for information purposes only. Opinions expressed herein are solely
those of Right Blend Investing and our editorial staff. Material presented is believed to be
from reliable sources, however, we make no representations as to its accuracy or
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Right Blend Investing, LLC is a registered investment advisor in the state of New
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losses.
NO BANK GUARANTEE. MAY LOSE MONEY.
33
RIG HT BLE N D
I N V E S T I N G

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