What Are They Hiding?

Trish Regan is one of America’s most recognized financial journalists and digital media hosts. An award-winning reporter, author, television personality, and speaker, Trish is a leading economic and political thought leader who helps viewers to better understand the most critical issues facing the economy and American business today. With extraordinary access to newsmakers and industry sources, as well as a knack for anticipating opportunities and risks in investing, Trish leverages her knowledge of how the mainstream media works to enable subscribers to best understand the information moving markets.

Trish is the Co-Founder and Executive Editor of 76research. She is also the founder, owner, and host of the daily livestreamed Trish Regan Show with more than 16 million views per month. Prior to founding 76research with longtime friend Rob Hordon, Trish anchored some of the most highly rated financial programs at America’s most noted financial networks including CNBC, Bloomberg, and most recently, Fox Business News.

Throughout her career, Trish has interviewed numerous heads of state, including multiple U.S. Presidents, foreign leaders, Fortune 500 CEOs and other institutional, charitable, and government leaders.

Trish credits her start in journalism to her fifth grade position as school correspondent for her local New Hampshire newspaper. But, while Trish showed an early interest in reporting and writing, it wasn’t until years later that she chose to make journalism her career. In fact, she originally intended to pursue a career in finance and worked as an analyst in emerging debt markets at Goldman Sachs while a student at Columbia University. Fluent in Spanish, Trish focused primarily on Latin American sovereign debt markets including Argentina, Mexico, Venezuela, and Brazil, but when Bloomberg Television offered her an opportunity to work as a correspondent, she made the jump into financial media.

Beginning at Bloomberg in 2000, Trish was on the front lines as the dot-com bubble burst. She covered its aftermath from Silicon Valley and San Francisco as a correspondent at MarketWatch before moving back to New York to work as a correspondent for CBS News. In 2006, Trish returned to her financial roots as an anchor on CNBC’s top-rated daily markets program The Call where she reported on the 2008 financial crisis in real time. While an anchor at CNBC, Trish also reported business news for NBC's Nightly News and The Today Show. In addition, she produced and hosted the two most highly rated documentaries in CNBC's history – Marijuana Inc and Marijuana USA, which investigated a massive and fast-developing underground industry. Trish predicted that industry would soon become mainstream in her book Joint Ventures: Inside America's Almost Legal Marijuana Industry, published by Wiley & Co. in 2010.

In 2011, Trish went back to Bloomberg Television to anchor the network's afternoon market close coverage as host of Street Smart with Trish Regan. While at Bloomberg, Trish was the network's main political anchor for all political television coverage of the 2012 election, including both the Republican and Democrat conventions and the election itself. From 2013 through 2016, Trish also worked as a front-page economic columnist for USA Today, writing on the biggest trends in business, markets and the economy.

In 2015, Trish left Bloomberg Television to join Fox News and Fox Business as the anchor of her new program The Intelligence Report with Trish Regan during FBN’s market hours. She would later move to an evening program and become the only woman in cable TV at that time to host a primetime show. Trish Regan Primetime grew 8pm ratings to a level never before seen at Fox Business.

While at Fox, Trish Regan also anchored two Republican Presidential debates – making history as part of the first all-woman team, with colleague Sandra Smith, to anchor a Presidential debate. She also appeared as an economic and markets contributor to all Fox News programming and was also a guest anchor on Cavuto, Fox and Friends, The Five, and primetime programming. In addition, Trish anchored all primetime coverage of the 2016 Democrat and Republican conventions for Fox Business and was a co-host alongside Neil Cavuto, Maria Bartiromo, Lou Dobbs and Stuart Varney for the network's main political events. Trish left Fox in 2020 and began work on the creation of her own digital media enterprise which debuted in August 2020. Her focus now is her own program and 76research, although she still appears regularly on other platforms both in cable news and in digital media.

Trish graduated with honors from Phillips Exeter Academy before going on to study opera at New England Conservatory and graduate cum laude with a degree in history from Columbia University. While at Exeter, Trish was the first-place winner of the Harvard Musical Association’s Competition for Excellence in Music, becoming the first singer to win the top prize since the organization was founded in 1837. She later studied opera and German at The American Institute for Musical Studies in Graz, Austria. Her operatic singing skills enabled her to represent her home state as Miss New Hampshire in The Miss America Pageant, where she won the talent competition and the first B. Wayne Award for the contestant with the most promise in the performing arts.

Trish's journalism awards have included multiple Emmy nominations for her documentary and investigative reporting. Trish was also recognized with a George Polk nomination for her long-form reporting covering the aftermath of Hurricane Katrina with a team from CNBC. While at MarketWatch in San Francisco, Trish was named SF’s Society for Professional Journalists most promising broadcast journalist.

Trish Regan was born and raised in New Hampshire. She now makes her home outside New York City with her husband and three young children.

A successful fund manager and stock picker, Rob Hordon has extensive experience investing across asset classes, sectors, geographies and strategies. With consistent emphasis on ways to preserve and grow assets and manage risk, Rob has offered guidance to thousands of financial advisors and wealth management professionals in the United States and abroad over the course of a multi-decade Wall Street career.

76research co-founder Rob Hordon at a luncheon

Rob’s professional investment career began in the late 1990s as an associate in the Equity Research department of Credit Suisse First Boston, where he covered wireless telecommunications stocks at the dawn of the mobile phone era. As a recent college graduate, Rob had a front row seat at one of the epicenters of the tech bubble. He witnessed for the first time the stock market’s potential to deliver immense value creation through innovation but also its characteristic tendency towards excess.

Rob went on to obtain his MBA from Columbia Business School, where he focused on security analysis and through his course work learned from some of the top investment practitioners in the country. Upon graduation from Columbia, he took an analyst role in the Risk Arbitrage department of a firm then called Arnhold and S. Bleichroeder Advisers, which would later be renamed First Eagle Investment Management.

76research co-founder Rob Hordon

For approximately seven years, Rob worked as a member of a small team that ran a hedge fund strategy focused on identifying mispriced long-short opportunities among companies involved in merger and acquisition activity. Just prior to the 2008 financial crisis, he transitioned over to First Eagle’s Global Value team under the auspices of the legendary international investor Jean-Marie Eveillard.

76research co-founder Rob Hordon on a boat

As an analyst on the team, Rob was responsible for initiating and covering several billion dollars of public equity investments across a wide range of industry sectors and countries. This move also reunited him with renowned Columbia Business School economist and author Bruce Greenwald, who had recently joined as Director of Research. As colleagues and mentors, Bruce and Jean-Marie would become the two most formative influences on Rob's investment career.

In 2011, Rob proposed and worked with the team to develop a new multi-asset investment strategy built around the same long-term value-oriented investment philosophy pioneered by Jean-Marie. As co-portfolio manager of the First Eagle Global Income Builder Fund, Rob was directly responsible for over a billion dollars of assets under management with a particular focus on dividend-paying stocks and credit instruments. Rob and his partner later re-created and managed this strategy at a London-based boutique investment firm, J O Hambro Capital Management, beginning in 2017.

In 2023, Rob teamed up with his longtime friend Trish Regan to form 76research, where he is Co-Founder and Chief Investment Strategist. This entrepreneurial venture merges his passion for investing, research and writing with his desire to help others benefit from the long-term wealth creation potential of the stock market.

Rob Hordon Princeton University ID

The son of an economics professor and elementary school teacher, Rob is a proud husband and father of three whose interests include history, philosophy, sailing and world travel. He was born in New York City and grew up in northern New Jersey, where he attended local public schools.

Rob Hordon is a Chartered Financial Analyst. In addition to his MBA from Columbia Business School, he received his Bachelor’s degree in Politics from Princeton University and was awarded a Certificate in Political Theory. His senior thesis, entitled Justice without Truth: Contingency in American Moral Thought, explores how the philosophical tradition of American Pragmatism offers a roadmap out of the moral and political abyss of postmodern relativism.


What Are They Hiding?

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Speak clearly, if you speak at all; carve every word, before you let it fall. - Oliver Wendell Holmes, Sr.
Oliver Wendell Holmes, Sr.

We have many, and do not hesitate to share them, but one of our chief complaints about the financial world is the constant use of jargon and needlessly technical language to communicate on investment issues. While financial and business concepts can be complicated, many people in the investment business go out of their way to make matters even more confusing and incomprehensible.

They do this for several reasons: 1) to sound smarter than they are; 2) to avoid expressing a firm point of view for which they can be held accountable; 3) to create an impression of unapproachable expertise that less sophisticated people need to pay up for; 4) to spew a cloud of gobbledygook to cover for their own ignorance.

They muddy the water, to make it seem deep. - Friedrich Nietzsche, Thus Spoke Zarathustra, 1885
Friedrich Nietzsche

Among our top goals at 76research is to make financial and economic analysis accessible to everyone, regardless of their background or investment experience level. At the same time, we want to bring forward the best and most relevant insights that we can identify, without sacrificing quality or nuance.

Everything should be made as simple as possible, but not simpler. - Albert Einstein
Albert Einstein

While we aim to communicate with our subscribers clearly, honestly and efficiently, we especially want to communicate on topics we think others are overlooking or misconstruing.

We believe we are currently in an environment where external pressures lead to the distortion of facts and suppress the free exchange of ideas. The corporate world, like academia, is afflicted with acknowledged and unacknowledged speech codes. No one wants to go against the grain. Even in their private lives and local communities, corporate employees live in fear of saying the wrong thing and potentially sabotaging their careers.

He who dares not offend cannot be honest. - Thomas Paine, 1776
Thomas Paine

Free speech is often framed as a matter of government clamping down on citizens, but there is a potentially more dangerous restriction on free speech when a culture of social coercion develops.

…[T]here needs protection also against the tyranny of the prevailing opinion and feeling; against the tendency of society to impose, by other means than civil penalties, its own ideas and practices as rules of conduct on those who dissent from them. - John Stuart Mill, On Liberty, 1859
John Stuart Mill

Groupthink is the enemy of good decision-making and good investing. In many ways, the business world now finds itself in an intellectual dark age, where participants feel intense pressure to stick to a script. This relates to a range of issues that directly affect investment decisions and research, including environmental policy, medicine, social issues, international relations and other crucial topics.

A business culture that is hostile to different and new ideas is not conducive to the generation of unique insights. One of the keys to investment success is what many hedge fund investors these days refer to as a “variant perspective.” Security prices reflect conventional wisdom, or what everyone generally believes. Opportunity resides in figuring out when conventional wisdom is wrong.  

“The PC is dead” was a common refrain around 2013, when shares of Microsoft were available for less than 8x operating earnings, a valuation level that signaled a bleak future. Over the next ten years, an investment in Microsoft would provide an approximately ten-fold return.

Prior to the Global Financial Crisis, it was practically an article of faith that the U.S. housing market could not experience a coordinated collapse in all 50 states, because it had not happened before. Mortgage-backed securities were priced accordingly. A handful of investors made an extraordinary amount of money betting against this widely held false narrative.

The opinion of 10,000 men is of no value if none of them know anything about the subject. - Marcus Aurelius
Marcus Aurelius

Different or minority points of view are not always right, but sometimes they are. Wrong or right, questioning dominant beliefs is always healthy. At 76research, we aim to shine a light on potential blind spots, which can reveal risks and opportunities others are missing.  We also aim to draw attention to divergent or unorthodox market perspectives that deserve consideration, especially those that may fall by the wayside on conventional platforms.

About 76research

Established in 2023 by financial journalist and media entrepreneur Trish Regan and veteran fund manager Rob Hordon, 76research is an independent digital content platform focused on delivering relevant, unconflicted and value-added research to the investing public. The company's subscription-based services include a biweekly newsletter called the 76report, thematic model portfolios and multi-media streaming content. For more information, go to www.76research.com.