Eaton Vance

But there are some interesting stuff out there, you know, because a lot, there are a number of asset classes that I'm interested in that I think are good long-term, you know, asset classes, like real estate is one, covered call funds, you know, where you're, they're equity funds, but where you're basically entering into a, an option contract, a covered call, where you're trading away some or all of the upside potential on your stock portfolio in return for a really nice yield.

And Eaton Vance has a number of closed-end funds.

If you look at Eaton Vance, they got about four or five closed-end funds that all begin E something or other.

They're easy to find.

some of them trade, some of them have earned like 13% total return on average for 15 straight years, like EOS.

I had never met a chief investment officer.

I mean, never, at least not one from Goldman Sachs Asset Management or Eaton Vance.

And guys, we're talking 25 years worth of experience.

So before we started talking the book, I just had to ask, what is a typical day like for a chief investment officer?

The investment staff for the equity business all rolled up under me.

I also ran money myself.

I ran value equity funds at Eaton Vance.

Before that, it was a Goldman Sachs asset management where I oversaw the international equity business and I ran global funds.

And so let's start from the beginning and why we even built it.

So in 2018, the conventional operators of the exchange funds that being our friends at Goldman Sachs and Eaton Vance, which is now owned by Morgan Stanley Investment Management, for the first time rejected Apple.

And so let's take a step back.

What is an exchange fund? It's a private fund where an asset management will aggregate like individuals with different securities, and they'll try to build a diversified portfolio where everybody contributes their security in kind.

hereMakes it easy for me

Kelly Garrity out of Boston College and, uh, NYU with Morgan Stanley, and with Eaton Vance always and forever with us here on fixed income.

I'm gonna suggest price down, yield up.

Everyone is afeared, but usually that means there's an opportunity in duration, an o- opportunity in risk.

I'm Mike Welberg, and I'm joined today by Eddie Perkin.

Eddie spent about 20 years between Eaton Vance, which is now part of Morgan Stanley, where he led a team of 70 as the chief investment officer for their $75 billion in global equities, and then as CIO for international and emerging markets equity at Goldman Sachs Asset Management.

A market veteran whose career has been devoted to improving investment decision-making, Eddie combines extensive practical experience with a deep interest in behavioral finance and organizational decision-making.

And in recent weeks, he published a book capturing the key learnings from his life in the markets.

And so I think, uh, my advice to myself would be don't change who you are.

Find the right place that celebrates your personal attributes, and, uh, find a way to add value through who you are rather than trying to be someone different.

I've been speaking today with Eddie Perkin, former CIO of Eaton Vance and GSAM, and author of the book Running Against the Herd, available in fine bookstores everywhere.

Eddie, thanks for sharing your insights with us today.