This week, we speak with Perth Toll, founder of the Life + Liberty Index and sponsor of the Freedom 100 Emerging Markets ETF (FRDM Index). Prior to the formation of the Life + Liberty Index, Tole was a personal wealth advisor to Fidelity Investments in Los Angeles and Houston. Prior to Loyalty, Tole lived and worked in Beijing and Hong Kong, where his observations led him to explore the relationship between freedom and the market. Tolle was named one of the Ten to Watch by Wealth Management Magazine in 2020 and one of 100 Transforming Business by Business Insider in 2021.
As a former resident of Hong Kong, he acknowledged the impact of how economic freedom affects market performance. It was a notion that he believed that at the same time the fund could avoid funding some of the worst governments in the world and at the same time generate higher-than-average returns.
The index is made up of two sets of independence metrics from the Fraser Institute and the Cato Institute. Tolle then applies it to an early universe of 26 emerging market countries That larger data set is reduced to 18, then 10-11 countries. The 10 most liquid companies (ex-SEO) in each country have been selected.
Here is a list of his favorite books; A transcript of our conversation is available here this week.
You can stream and download our entire conversation, including podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All our previous podcasts on your favorite pod host can be found here.
Be sure to check out our Masters in Business next week with Spencer Jacob, editor of the Wall Street Journal’s Hard on the Street column, and its author In front of the tape Column He began his career as an analyst at Credit Suisse, where he eventually became director of emerging market equity research. He is the author of “That wasn’t the revolution: Gamestop, Reddit and the flirting of small investors“