Meet the Partners! An Interview with Bill Murray, CFA, CAIA

August 28, 2020

Estimated Reading Time: 5 minutes

Meet the Partners! An Interview with Bill Murray, CFA, CAIA

Today, we interviewed Partner Bill Murray, CFA, CAIA! Joining us this year from Chicago Equity Partners, Bill brings with him his years of experience analyzing and recommending investment securities.

Bill has brought his analytic skills to help our Direct Indexing 1.0 & Direct Indexing 2.0 processes, helping clients to better optimize their current investment strategy. Below are his answers about his background, investment philosophy, and what he likes to do outside of work!

Q: How did you get into wealth management?

BM: When I was growing up, I was always really good with numbers.  My favorite subject was math, no matter what the topic was for the math class that I was taking.  I was about 12 years old the first time I opened a Wall Street Journal and I was intrigued by all of the columns of numbers toward the back pages of the paper.  I had no idea what they all meant, but I had to find out.

When I was in high school, one of my first investments was the purchase of a call option in The Gap.  All of the mechanics involved in determining the potential payoff of the option, combined with putting my own money at stake, really started my interest in investments.

After college, my interest in numbers and investments led me to land a position as an Assistant Portfolio Manager at Continental Bank, where the investment philosophy was quantitative model-based.   This was when I first heard about the Chartered Financial Analyst program.  I passed Level I and then little over a year into the Assistant Portfolio Manager position, the head of the fund management and research group asked if I would like to join his team as a Research Analyst, which enabled me to work more directly with the quantitative model.  I jumped at the opportunity and began following stocks in the software industry as my initial assignment.  In the ensuing three years, I completed Levels II and III of the CFA Exam and graduated with an MM degree from the Kellogg Graduate School of Management.

I worked with that same group of people as a Portfolio Manager/Research Analyst on the institutional side for over 26 years, but then the opportunity to work in wealth management at Chicago Partners arose and I eagerly joined the firm in May 2020.

Q: How would you describe your investment philosophy?

BM: As the first step, understand a client’s investment objectives, risk tolerance, and time horizon.  Only then can you build a portfolio based on those three items.  Diversification within the portfolio is key, as it can minimize idiosyncratic risk.  The overall portfolio should include investments that have low or no correlation with each other.  Focus on the longer-term risk/return performance of the portfolio, rather than on the day-to-day movements.

Q: What is the one question you are most frequently asked by those not in the investment business?

BM: This is usually some form of the question, “What’s a hot stock that I should buy?”  In my answer, I emphasize that even if I knew what the person’s entire portfolio looked like, or the person’s risk tolerances or time horizon, that person will most likely be better off focusing on owning a well-diversified portfolio of investments and focusing on long-term goals.

Q: What is the single most important thing for investors to keep in mind?

BM: Don’t try to time the market.  It has been shown time and again that no one can consistently successfully time the market over the long-term.  How many people would honestly have said on February 12th of this year, “You know what, things are going so well right now, I think I am going to sell out of my US equity allocation.”  Additionally, on March 23rd, very few of those same people would have said, “Things are just so bad, I think I am going to get back in to US stocks today.”  That’s just one example.  Once you add in the housing crisis in the late ‘00s, the internet bubble in the late ‘90s, and other major market moving events, your odds of being correct throughout all of those times are miniscule.  It is better to take that additional variable of market timing out of the equation because it just isn’t a successful strategy over the long-term.

Q: What do you do outside of the investment arena?

BM: My wife Erin and I like to travel and have been fortunate to experience cultures in five different continents.  Our two favorite trips so far have been to South Africa for a week-long African safari and to New Zealand, where we did a self-guided tour of the South Island (including everything from jet boating and shearing sheep to hiking and wine tasting).

Additionally, I talked my wife into having the two of us visit all of the major league baseball parks.  We have hit 25 of the 30 MLB parks over the past several years, but Covid-19 has kept us from finishing the list this summer.  (Top three parks so far: Coors Field in Colorado, PNC Park in Pittsburgh, and AT&T Park in San Francisco)

Finally, as an alumnus of the University of North Carolina, I am a huge fan of the Tar Heels basketball team and I try to see at least one Carolina game in person every year.

Important Disclosure Information

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Chicago Partners Investment Group LLC (“CP”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from CP. Please remember to contact CP, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. CP is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the CP’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request.

August 28, 2020

Estimated Reading Time: 5 minutes

Meet the Partners! An Interview with Bill Murray, CFA, CAIA

Today, we interviewed Partner Bill Murray, CFA, CAIA! Joining us this year from Chicago Equity Partners, Bill brings with him his years of experience analyzing and recommending investment securities.

Bill has brought his analytic skills to help our Direct Indexing 1.0 & Direct Indexing 2.0 processes, helping clients to better optimize their current investment strategy. Below are his answers about his background, investment philosophy, and what he likes to do outside of work!

Q: How did you get into wealth management?

BM: When I was growing up, I was always really good with numbers.  My favorite subject was math, no matter what the topic was for the math class that I was taking.  I was about 12 years old the first time I opened a Wall Street Journal and I was intrigued by all of the columns of numbers toward the back pages of the paper.  I had no idea what they all meant, but I had to find out.

When I was in high school, one of my first investments was the purchase of a call option in The Gap.  All of the mechanics involved in determining the potential payoff of the option, combined with putting my own money at stake, really started my interest in investments.

After college, my interest in numbers and investments led me to land a position as an Assistant Portfolio Manager at Continental Bank, where the investment philosophy was quantitative model-based.   This was when I first heard about the Chartered Financial Analyst program.  I passed Level I and then little over a year into the Assistant Portfolio Manager position, the head of the fund management and research group asked if I would like to join his team as a Research Analyst, which enabled me to work more directly with the quantitative model.  I jumped at the opportunity and began following stocks in the software industry as my initial assignment.  In the ensuing three years, I completed Levels II and III of the CFA Exam and graduated with an MM degree from the Kellogg Graduate School of Management.

I worked with that same group of people as a Portfolio Manager/Research Analyst on the institutional side for over 26 years, but then the opportunity to work in wealth management at Chicago Partners arose and I eagerly joined the firm in May 2020.

Q: How would you describe your investment philosophy?

BM: As the first step, understand a client’s investment objectives, risk tolerance, and time horizon.  Only then can you build a portfolio based on those three items.  Diversification within the portfolio is key, as it can minimize idiosyncratic risk.  The overall portfolio should include investments that have low or no correlation with each other.  Focus on the longer-term risk/return performance of the portfolio, rather than on the day-to-day movements.

Q: What is the one question you are most frequently asked by those not in the investment business?

BM: This is usually some form of the question, “What’s a hot stock that I should buy?”  In my answer, I emphasize that even if I knew what the person’s entire portfolio looked like, or the person’s risk tolerances or time horizon, that person will most likely be better off focusing on owning a well-diversified portfolio of investments and focusing on long-term goals.

Q: What is the single most important thing for investors to keep in mind?

BM: Don’t try to time the market.  It has been shown time and again that no one can consistently successfully time the market over the long-term.  How many people would honestly have said on February 12th of this year, “You know what, things are going so well right now, I think I am going to sell out of my US equity allocation.”  Additionally, on March 23rd, very few of those same people would have said, “Things are just so bad, I think I am going to get back in to US stocks today.”  That’s just one example.  Once you add in the housing crisis in the late ‘00s, the internet bubble in the late ‘90s, and other major market moving events, your odds of being correct throughout all of those times are miniscule.  It is better to take that additional variable of market timing out of the equation because it just isn’t a successful strategy over the long-term.

Q: What do you do outside of the investment arena?

BM: My wife Erin and I like to travel and have been fortunate to experience cultures in five different continents.  Our two favorite trips so far have been to South Africa for a week-long African safari and to New Zealand, where we did a self-guided tour of the South Island (including everything from jet boating and shearing sheep to hiking and wine tasting).

Additionally, I talked my wife into having the two of us visit all of the major league baseball parks.  We have hit 25 of the 30 MLB parks over the past several years, but Covid-19 has kept us from finishing the list this summer.  (Top three parks so far: Coors Field in Colorado, PNC Park in Pittsburgh, and AT&T Park in San Francisco)

Finally, as an alumnus of the University of North Carolina, I am a huge fan of the Tar Heels basketball team and I try to see at least one Carolina game in person every year.

Important Disclosure Information

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Chicago Partners Investment Group LLC (“CP”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from CP. Please remember to contact CP, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. CP is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the CP’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request.

Meet the Partners! An Interview with Bill Murray, CFA, CAIA

August 28, 2020

Estimated Reading Time: 5 minutes

Meet the Partners! An Interview with Bill Murray, CFA, CAIA

Today, we interviewed Partner Bill Murray, CFA, CAIA! Joining us this year from Chicago Equity Partners, Bill brings with him his years of experience analyzing and recommending investment securities.
Bill has brought his analytic skills to help our Direct Indexing 1.0 & Direct Indexing 2.0 processes, helping clients to better optimize their current investment strategy. Below are his answers about his background, investment philosophy, and what he likes to do outside of work!

Q: How did you get into wealth management?

BM: When I was growing up, I was always really good with numbers.  My favorite subject was math, no matter what the topic was for the math class that I was taking.  I was about 12 years old the first time I opened a Wall Street Journal and I was intrigued by all of the columns of numbers toward the back pages of the paper.  I had no idea what they all meant, but I had to find out.
When I was in high school, one of my first investments was the purchase of a call option in The Gap.  All of the mechanics involved in determining the potential payoff of the option, combined with putting my own money at stake, really started my interest in investments.
After college, my interest in numbers and investments led me to land a position as an Assistant Portfolio Manager at Continental Bank, where the investment philosophy was quantitative model-based.   This was when I first heard about the Chartered Financial Analyst program.  I passed Level I and then little over a year into the Assistant Portfolio Manager position, the head of the fund management and research group asked if I would like to join his team as a Research Analyst, which enabled me to work more directly with the quantitative model.  I jumped at the opportunity and began following stocks in the software industry as my initial assignment.  In the ensuing three years, I completed Levels II and III of the CFA Exam and graduated with an MM degree from the Kellogg Graduate School of Management.
I worked with that same group of people as a Portfolio Manager/Research Analyst on the institutional side for over 26 years, but then the opportunity to work in wealth management at Chicago Partners arose and I eagerly joined the firm in May 2020.

Q: How would you describe your investment philosophy?

BM: As the first step, understand a client’s investment objectives, risk tolerance, and time horizon.  Only then can you build a portfolio based on those three items.  Diversification within the portfolio is key, as it can minimize idiosyncratic risk.  The overall portfolio should include investments that have low or no correlation with each other.  Focus on the longer-term risk/return performance of the portfolio, rather than on the day-to-day movements.

Q: What is the one question you are most frequently asked by those not in the investment business?

BM: This is usually some form of the question, “What’s a hot stock that I should buy?”  In my answer, I emphasize that even if I knew what the person’s entire portfolio looked like, or the person’s risk tolerances or time horizon, that person will most likely be better off focusing on owning a well-diversified portfolio of investments and focusing on long-term goals.

Q: What is the single most important thing for investors to keep in mind?

BM: Don’t try to time the market.  It has been shown time and again that no one can consistently successfully time the market over the long-term.  How many people would honestly have said on February 12th of this year, “You know what, things are going so well right now, I think I am going to sell out of my US equity allocation.”  Additionally, on March 23rd, very few of those same people would have said, “Things are just so bad, I think I am going to get back in to US stocks today.”  That’s just one example.  Once you add in the housing crisis in the late ‘00s, the internet bubble in the late ‘90s, and other major market moving events, your odds of being correct throughout all of those times are miniscule.  It is better to take that additional variable of market timing out of the equation because it just isn’t a successful strategy over the long-term.

Q: What do you do outside of the investment arena?

BM: My wife Erin and I like to travel and have been fortunate to experience cultures in five different continents.  Our two favorite trips so far have been to South Africa for a week-long African safari and to New Zealand, where we did a self-guided tour of the South Island (including everything from jet boating and shearing sheep to hiking and wine tasting).
Additionally, I talked my wife into having the two of us visit all of the major league baseball parks.  We have hit 25 of the 30 MLB parks over the past several years, but Covid-19 has kept us from finishing the list this summer.  (Top three parks so far: Coors Field in Colorado, PNC Park in Pittsburgh, and AT&T Park in San Francisco)
Finally, as an alumnus of the University of North Carolina, I am a huge fan of the Tar Heels basketball team and I try to see at least one Carolina game in person every year.

Important Disclosure Information
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Chicago Partners Investment Group LLC (“CP”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from CP. Please remember to contact CP, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. CP is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the CP’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request.

August 28, 2020

Estimated Reading Time: 5 minutes

Meet the Partners! An Interview with Bill Murray, CFA, CAIA

Today, we interviewed Partner Bill Murray, CFA, CAIA! Joining us this year from Chicago Equity Partners, Bill brings with him his years of experience analyzing and recommending investment securities.
Bill has brought his analytic skills to help our Direct Indexing 1.0 & Direct Indexing 2.0 processes, helping clients to better optimize their current investment strategy. Below are his answers about his background, investment philosophy, and what he likes to do outside of work!

Q: How did you get into wealth management?

BM: When I was growing up, I was always really good with numbers.  My favorite subject was math, no matter what the topic was for the math class that I was taking.  I was about 12 years old the first time I opened a Wall Street Journal and I was intrigued by all of the columns of numbers toward the back pages of the paper.  I had no idea what they all meant, but I had to find out.
When I was in high school, one of my first investments was the purchase of a call option in The Gap.  All of the mechanics involved in determining the potential payoff of the option, combined with putting my own money at stake, really started my interest in investments.
After college, my interest in numbers and investments led me to land a position as an Assistant Portfolio Manager at Continental Bank, where the investment philosophy was quantitative model-based.   This was when I first heard about the Chartered Financial Analyst program.  I passed Level I and then little over a year into the Assistant Portfolio Manager position, the head of the fund management and research group asked if I would like to join his team as a Research Analyst, which enabled me to work more directly with the quantitative model.  I jumped at the opportunity and began following stocks in the software industry as my initial assignment.  In the ensuing three years, I completed Levels II and III of the CFA Exam and graduated with an MM degree from the Kellogg Graduate School of Management.
I worked with that same group of people as a Portfolio Manager/Research Analyst on the institutional side for over 26 years, but then the opportunity to work in wealth management at Chicago Partners arose and I eagerly joined the firm in May 2020.

Q: How would you describe your investment philosophy?

BM: As the first step, understand a client’s investment objectives, risk tolerance, and time horizon.  Only then can you build a portfolio based on those three items.  Diversification within the portfolio is key, as it can minimize idiosyncratic risk.  The overall portfolio should include investments that have low or no correlation with each other.  Focus on the longer-term risk/return performance of the portfolio, rather than on the day-to-day movements.

Q: What is the one question you are most frequently asked by those not in the investment business?

BM: This is usually some form of the question, “What’s a hot stock that I should buy?”  In my answer, I emphasize that even if I knew what the person’s entire portfolio looked like, or the person’s risk tolerances or time horizon, that person will most likely be better off focusing on owning a well-diversified portfolio of investments and focusing on long-term goals.

Q: What is the single most important thing for investors to keep in mind?

BM: Don’t try to time the market.  It has been shown time and again that no one can consistently successfully time the market over the long-term.  How many people would honestly have said on February 12th of this year, “You know what, things are going so well right now, I think I am going to sell out of my US equity allocation.”  Additionally, on March 23rd, very few of those same people would have said, “Things are just so bad, I think I am going to get back in to US stocks today.”  That’s just one example.  Once you add in the housing crisis in the late ‘00s, the internet bubble in the late ‘90s, and other major market moving events, your odds of being correct throughout all of those times are miniscule.  It is better to take that additional variable of market timing out of the equation because it just isn’t a successful strategy over the long-term.

Q: What do you do outside of the investment arena?

BM: My wife Erin and I like to travel and have been fortunate to experience cultures in five different continents.  Our two favorite trips so far have been to South Africa for a week-long African safari and to New Zealand, where we did a self-guided tour of the South Island (including everything from jet boating and shearing sheep to hiking and wine tasting).
Additionally, I talked my wife into having the two of us visit all of the major league baseball parks.  We have hit 25 of the 30 MLB parks over the past several years, but Covid-19 has kept us from finishing the list this summer.  (Top three parks so far: Coors Field in Colorado, PNC Park in Pittsburgh, and AT&T Park in San Francisco)
Finally, as an alumnus of the University of North Carolina, I am a huge fan of the Tar Heels basketball team and I try to see at least one Carolina game in person every year.

Important Disclosure Information
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Chicago Partners Investment Group LLC (“CP”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from CP. Please remember to contact CP, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. CP is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the CP’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request.