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Interview with Mason D. King, CFA: CNBC’s Top-Ranked Financial Advisor Breaks Down its Small-Cap Stock Strategy

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CNBC No. 1 financial advisor: How to navigate an ‘unusual’ market

Disclosure: The annual CNBC FA 100 ranking was published on September 12, 2023 on www.cnbc.com. The methodology which CNBC employed to determine the FA 100 ranking for 2023 can be found here. CNBC receives no compensation from placing financial advisory firms on the list. Additionally, an advisor’s appearance on the ranking does not constitute an individual endorsement by CNBC of any firm.

 

Watch Our Fourth Quarter 2023 Economic Commentary with Michael C. Yeager, CFA, CPA, Vice President/Portfolio Manager

Luther King Capital Management 2023 Review

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Entering 2023, headline inflation was running at 6.5%, and the unemployment rate was at a half-century low of 3.5%.  Ninety-eight percent of CEOs were preparing for a recession in the year ahead, according to the Conference Board’s CEO Confidence Survey.  This pessimism was well founded by the economic assumption that there is supposed to be a short-term tradeoff between inflation and unemployment.  The cost of lowering inflation has historically been higher unemployment.  When people lose their jobs – or worry about losing their jobs – they rein in spending, which leads to reduced demand and, ultimately, lower prices.  This is how the economy operated the last time the Federal Reserve battled high inflation in the 1970s.  Fifty years ago, the result was a deep recession, an extended period of muted economic growth, and higher prices aptly labeled stagflation.

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Read our Third Quarter 2023 LKCM International Economic Commentary

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Executive Summary:

International markets lost value during the third quarter, as economic concerns mounted in many major economies.  The MSCI EAFE Index returned -4.1% during the quarter.  Value led again this quarter as Financials, which is the largest sector weight in the index, exceeded the benchmark by nearly 500bps.    

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Read the Wall Street Journal Transcript: Small Cap Space Offers a Discount Relative to the S&P 500

TWST: Could you tell me about the firm?

Mr. King: Luther King Capital Management is a registered investment advisory firm, based in Fort Worth, Texas, with offices in Fort Worth, Dallas, San Antonio and Austin, principally serving the taxable space that represents about 70% to 75% of our assets under management. And we are an active manager in both the public equity space, as well as fixed income, and an expanding private equity effort as well.

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