#400 – Patrick Geddes, Aperio – Lessons From A Customized Indexing Pioneer Who Sold His Firm To BlackRock

<p>Today’s guest today is <a href= "https://patrickgeddes.co/about/">Patrick Geddes</a>, founder and former CEO of Aperio Group, a leader in the direct indexing space with $42b in AUM when it was acquired by BlackRock for over $1b.</p> <p>In today’s episode, we kick it off with hearing back Patrick’s days at Morningstar as the Director of Quantitative Research & CFO. Then Patrick shares what led him to start a firm focused on direct indexing and customization over 20 years ago. We talk about why the Great Financial Crisis was an inflection point for direct indexing and why there’s been so much M&A in the space over the last couple of years.</p> <p>Then we talk about his book, <a href= "https://amzn.to/3J4mF8x">Transparent Investing</a>.  We talk about consumer advocacy, the importance of taxes & fees, and ways to counteract some of the behavioral biases we all have.</p> <p>-----</p> <p>Follow Meb on <a href= "https://twitter.com/MebFaber">Twitter</a>, <a href= "https://www.linkedin.com/in/mebanefaber/" target="_blank" rel= "noopener">LinkedIn</a> and <a href= "https://www.youtube.com/channel/UCKvWzzrVUA_DSCoKXL6GU2w">YouTube</a></p> <p>For detailed show notes, click <a href= "https://mebfaber.com/2022/03/21/e400-patrick-geddes/">here</a></p> <p>To learn more about our funds and follow us, subscribe to our <a href= "https://theideafarm.us1.list-manage.com/subscribe/post?u=6750faf5c6091bc898da154ff&id=7249739cdb" target="_blank" rel="noopener">mailing list</a> or visit us at <a href= "http://www.cambriainvestments.com/">cambriainvestments.com</a></p> <p>-----</p> <p><strong>Sponsor</strong>: Today's episode is sponsored by<strong> </strong><a href= "https://active.williamblair.com/insights/the-active-share-podcast/"><em><strong>The Active Share</strong></em></a> podcast. If you’re seeking the less obvious and are curious about the ever-changing world and how it affects investing, <a href= "https://active.williamblair.com/insights/the-active-share-podcast/"><em>The Active Share</em></a> podcast is for you. Hear thou