My Worst Investment Ever Podcast
Business:Investing
BIO: Phil Bak is the CEO of Armada ETFs, a REIT-specialty asset manager that delivers customized solutions to REIT investors through ETFs, SMAs, and proprietary AI and machine learning REIT valuation models.
STORY: Phil got into baseball cards when he was 14. Rookie Greg Jeffries became the hype one year and was poised to be the next big thing. Phil bought the hype, sold all his cards, and invested in Jeffries’ cards. He believed cards would be worth $40 to $50 a piece in just a few years. It never happened because Jeffries’ career didn’t pan out, and the entire baseball card bubble collapsed.
LEARNING: Be slow to jump onto bandwagons. Expect the unexpected, be prepared, and have a backup plan. Be diversified in as many different ways as possible.
“As long as you can recognize your mistake, learn and grow from it, then you understand that investing is a risky business. That will make you a smarter investor.”Phil Bak
Guest profile
Phil Bak is the CEO of Armada ETFs, a REIT-specialty asset manager that delivers customized solutions to REIT investors through ETFs, SMAs, and proprietary AI and machine learning REIT valuation models. Phil has previously served as the Founder/CEO of Exponential ETFs (acquired by Tidal Financial Group), Chief Investment Officer at Signal Advisors, and Managing Director at the New York Stock Exchange.
Phil is the author of two patents on innovative ETF structures and has led market structure enhancements that have become industry standard. Phil has been featured in top-tier media outlets such as the Wall Street Journal, Bloomberg, CNBC, Financial Times, and Reuters. Phil hosts The Phil Bak Podcast and writes regularly on Substack.
Worst investment everAt 14, Phil got interested in baseball cards after accompanying his brother to card shows. He saved all the money he made from his summer jobs and bought Roberto Clemente cards, which were like a blue chip. With time he also bought other cards.
The following year, a young guy was coming up, Greg Jeffries, who was poised to be the next big thing. Phil bought the hype. He sold all his cards and decided to invest in just this one card. He got himself a bounty of 25-30 Greg Jeffries cards.
Phil believed this guy would be the next big superstar, and his cards would be worth $40 to $50 a piece in just a couple of years. It never happened because Jeffries’ career didn’t pan out, and the entire baseball card bubble collapsed. Phil still has a stack of Greg Jeffries rookie cards that are literally worthless somewhere in his closet.
Lessons learnedThe worst time to invest in anything is after a big run because there’s always an element of mean reversion and cyclicalities. Never chase the hype, be patient. If you’ve missed it, wait for the next opportunity. There’s always there’s another opportunity coming.
Phil’s recommendationPhil recommends learning from untraditional channels such as podcasts (like My Worst Investment Ever podcast), books, blogs, and substacks. You’ll learn more and faster from such media.
No.1 goal for the next 12 monthsPhil’s number one goal for the next 12 months is to finish the series A round of capital for his company and ensure he can execute his plan over the next three years.
Parting words“Stay curious. Thanks for having me on. It was a ton of fun. I appreciate it.”Phil Bak
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Connect with Phil Bak
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Chris Ball - If They’re Not 100% Right, Don’t Hire Them
Vivek Raina - Nobody Can Beat You at What You’re Good At
William Cohan - Power Failure: The Rise and Fall of An American Icon
Tony Fish - Be Brave to Ask the Unsaid Questions
ISMS 40: Larry Swedroe – Market vs. Hedge Fund Managers’ Efficiency
Chris Kendall - Don’t Underestimate the Funding Needed to Go Big Time
Riggs Eckelberry - Don’t Go into Any Industry Unprepared
ISMS 39: Larry Swedroe – Don’t Choose a Fund by Its Descriptive Name
Lark Davis - Take Your Profits and Run Away
Sam Primm - Be Intentional About What You Invest In
Marc Faber - The Value of True Diversification
Coach JV - Diversify Inside and Outside the Asset Class
ISMS 38: Larry Swedroe – The Self-healing Mechanism of Risk Assets
Solomon Thimothy - Give Yourself Permission to Fail
Anthony Greer - Be Patient and Willing to Get Rich Slow
Kevin Sutantyo - You Have to Back the Right Founders
Dan McClure - Understand Who You Are and What You’re About
Bryan Kramer - Be Human and Build Relationships
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